The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards by 50 percent, raising the fee from N1,000 to N1,500.
At the same time, the apex bank has scrapped the N50 monthly maintenance charge on Naira-denominated debit and credit cards, a move expected to ease costs for millions of bank customers across Nigeria.
The new changes were disclosed in the CBN’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026.
What the New Charges Mean
Under the revised guideline, customers will now pay N1,500 for the issuance or replacement of standard ATM cards, while charges for premium cards will remain negotiable. Virtual cards, however, will be issued at no cost.
The CBN also clarified that holders of foreign currency-denominated debit or credit cards will continue to pay an annual maintenance fee of $10.
No Charges on POS Transactions for Customers
In a major relief for consumers, the apex bank reiterated that cardholders will not be charged for transactions carried out on Point-of-Sale (PoS) terminals.
Instead, merchants will bear the Merchant Service Charge (MSC), which is set at 0.5 percent per transaction, subject to a maximum cap of N10,000.
According to the CBN, all card payments made at merchant locations must remain free for customers, regardless of the payment method or technology used.
Why CBN Made the Changes
In a circular signed by the Director of Financial Policy and Regulation Department, Rita Sike, the bank explained that the review is part of efforts to strengthen Nigeria’s financial system.
The apex bank noted that the updated guide aims to:
- Promote financial inclusion
- Encourage the adoption of digital and electronic payment channels
- Support innovative financial services
- Reduce transaction costs for micropayments
The CBN added that the revised framework also reflects the evolving financial landscape and accommodates new players in the banking and fintech sectors since the last review in 2020.