The Central Bank of Nigeria (CBN) has implemented a 50% increase in the fees for issuing and replacing Automated Teller Machine (ATM) cards, raising the cost to ₦1,500 from the previous ₦1,000.
This update is part of the “Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026,” an exposure draft released by the apex bank.
In a significant win for local account holders, the CBN has scrapped the ₦50 monthly maintenance fee for Naira debit and credit cards.
However, customers holding foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.
Key Card and Transaction Policies
The CBN circular, signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department, clarifies several specific rules regarding card usage:
-
Standard Cards: “ATM card Issuance/Replacement charges for regular/basic debit/credit card is N1,500.”
-
Premium Options: Fees for “Premium Debit/Credit/Hybrid Card are negotiable,” while virtual cards are to be provided at “no charge.”
-
PoS Transactions: The bank reiterated that customers should not be charged for paying at merchant locations. Instead, the “Merchant Service Charge (MSC) shall be borne by the merchant.”
-
Free Merchant Payments: The directive explicitly states, “All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder.” The MSC is fixed at 0.5%, capped at ₦10,000, regardless of the payment technology used.
According to the apex bank, these adjustments are intended to modernize the Nigerian financial system and improve accessibility.
Dr. Sike noted that the review aims to “promote a safe and sound financial system in Nigeria,” while also accelerating the use of “innovative financial services, financial inclusion and micropayments/transaction.”
The CBN maintains that this updated framework “provides for an increased range of financial services” and “strengthens responsibility for oversight and accountability.”
By lowering tariffs for smaller transactions and encouraging the use of electronic channels, the regulator hopes to accommodate new industry participants and reflect the current economic realities of the 2026 banking landscape.
