The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing ATM debit and credit cards by 50 percent, raising the fee from ₦1,000 to ₦1,500 as part of a broader overhaul of banking charges.
In a move expected to ease recurring costs for customers, the apex bank also abolished the ₦50 monthly maintenance fee previously charged on naira-denominated debit and credit cards, along with its associated VAT.
Under the revised guidelines:
- Standard ATM card issuance or replacement will now cost ₦1,500
- No issuance fees will apply to virtual cards
- Charges for premium and hybrid cards will remain negotiable
- Foreign currency cards will attract an annual $10 maintenance fee
The CBN also introduced a consumer-friendly policy on electronic payments, stating that cardholders will no longer pay fees for transactions at merchant PoS terminals.
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Instead, the Merchant Service Charge (MSC) will be borne by merchants, set at 0.5% per transaction, capped at ₦10,000.
“All card transactions done at merchant locations shall be free of charge to the cardholder,” the bank stated.
According to the CBN, the updated Guide to Charges for Banks and Other Financial Institutions aims to:
- Strengthen financial system oversight
- Encourage cashless transactions
- Promote innovation in digital payments
- Reduce the cost of low-value transactions
- Deepen financial inclusion across Nigeria
The reforms come amid increasing efforts by regulators to modernise Nigeria’s payment ecosystem and make banking services more accessible and transparent for consumers.
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