The Central Bank of Nigeria has approved a 50 percent increase in the cost of issuing and replacing Automated Teller Machine debit and credit cards, raising the fee from N1,000 to N1,500.
Alongside the adjustment, the apex bank has eliminated the N50 monthly maintenance fee previously applied to naira-denominated debit and credit cards, a charge that included a 7.5 percent Value Added Tax.
However, customers using foreign currency cards will still be required to pay an annual maintenance fee of $10.
These changes were outlined in the CBN’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026.
The draft also clarifies that merchants not customers will bear the cost of ATM transactions conducted via Point of Sale terminals.
According to the CBN, “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 (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, and signed by the Director of the Financial Policy and Regulation Department, Dr. Rita Sike, the apex bank explained that the revised guide is part of efforts to strengthen Nigeria’s financial system.
The CBN stated, “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.”
