- The CBN increased ATM card issuance and replacement fees from N1,000 to N1,500
- It removed the monthly maintenance charge on naira debit and credit cards
- The bank said merchants would continue to bear PoS transaction charges, not customers
The Central Bank of Nigeria (CBN) has announced a significant revision of banking charges, increasing the cost of issuing and replacing Automated Teller Machine (ATM), debit and credit cards by 50 per cent, while simultaneously removing monthly maintenance fees for naira-denominated cards.
Under the new directive, the fee for issuing or replacing standard ATM cards has risen from N1,000 to N1,500. The change forms part of the apex bank’s updated regulatory framework aimed at modernising Nigeria’s financial system and encouraging broader adoption of electronic payment channels.
Despite the increase, the CBN has abolished the N50 monthly maintenance charge previously imposed on naira debit and credit cards, a fee that also included a 7.5 per cent Value Added Tax.
The move is expected to reduce the recurring financial burden on bank customers and promote financial inclusion.
However, the apex bank clarified that holders of foreign currency-denominated cards will continue to pay an annual maintenance fee of $10, maintaining an existing cost structure for such accounts.
The changes were detailed in the CBN’s exposure draft of the “Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026,” which outlines updated pricing standards across the banking sector.
According to the document, charges for premium debit, credit or hybrid cards will remain negotiable, while virtual cards will be issued at no cost. The bank also reaffirmed its stance on Point of Sale (PoS) transactions, stating that customers will not bear any charges when making payments at merchant locations.
Instead, merchants will continue to shoulder the Merchant Service Charge (MSC), set at 0.5 per cent per transaction and capped at N10,000, regardless of the payment method or technology used.
In a circular signed by Rita Sike, Director of the Financial Policy and Regulation Department, the apex bank said the revised guide was designed to strengthen oversight, improve accountability, and foster innovation within the financial sector.
The CBN added that the updated framework expands the range of financial services, accommodates new industry players, and introduces lower tariffs for micropayments to support financial inclusion.
Analysts say the dual approach of increasing one-off card issuance costs while eliminating recurring fees could encourage more Nigerians to embrace digital banking channels, aligning with the country’s broader cashless policy objectives.