The Central Bank of Nigeria (CBN) has increased the fee for the issuance and replacement of Automated Teller Machine (ATM) debit and credit cards by 50 per cent, raising it to N1,500 from the previous N1,000.
In a related move, the apex bank also scrapped the N50 monthly maintenance charge on Naira-denominated debit and credit cards, which typically included a 7.5 percent Value Added Tax. However, customers using foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.
The changes were disclosed in the CBN’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026. The bank also clarified that charges for ATM transactions carried out at merchants’ Point of Sale (PoS) terminals will now be borne by the merchant rather than the customer.
CBN said: “ATM card Issuance/Replacement charges for regular/basic debit/credit card is N1, 500. “Charges for Premium Debit/Credit/Hybrid Card are negotiable Virtual cards at no charge. “Merchant Service Charge (MSC) (charge to be borne by the merchant). There shall be no charge to the cardholder paying the merchant.
“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder, i.e. the MSC shall be borne by the merchant. The MSC payable by a merchant (0.5 percent) subject to a cap of N10,000 shall be the same irrespective of the technology or payment methods.”
In a circular addressed to banks, other financial institutions, and the general public, signed by the Director of the Financial Policy and Regulation Department, Rita Sike, the CBN stated that the review was aimed at strengthening the financial system.
According to the apex bank, the revision is designed to promote a safe and sound financial system, accelerate the adoption of innovative financial services, and enhance financial inclusion, particularly in micropayments and transactions.
“This reviewed Guide provides for an increased range of financial services, encourages development of innovative products, strengthens responsibility for oversight and accountability and promotes financial inclusion through lower tariffs for micropayments/transactions.
“Furthermore, the Guide reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodates new industry participants since the issuance of the 2020 Guide.”
