The Central Bank of Nigeria (CBN) has increased the fee for the issuance and replacement of Automated Teller Machine (ATM) debit and credit cards by 50 per cent to ₦1,500, up from ₦1,000.
The apex bank also scrapped the ₦50 monthly maintenance charge on naira-denominated debit and credit cards, a fee that previously included 7.5 per cent Value Added Tax (VAT).
However, it said that customers with foreign currency-denominated debit or credit cards will continue to pay a US$10 annual maintenance fee.
The changes are contained in the CBN’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026.
The bank also clarified that charges for ATM transactions conducted at merchants’ Point of Sale (PoS) terminals will be borne by the merchant, not the customer.
The CBN stated: “ATM card Issuance/Replacement charges for regular/basic debit/credit card is ₦1, 500. Charges for Premium Debit/Credit/Hybrid Card are negotiable Virtual cards at no charge. Merchant Service Charge (MSC) (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 ₦10,000, shall be the same irrespective of the technology or payment methods.”
In a circular to banks, other financial institutions and the public, signed by the Director of the Financial Policy and Regulation Department, Dr Rita Sike, the CBN said the review was aimed at strengthening the financial system and promoting innovation.
“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,” she said.
“Furthermore, the Guide reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodate new industry participants since the issuance of the 2020 Guide.”
