The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards by 50 per cent, raising the fee to N1,500 from the previous N1,000.
At the same time, the apex bank has scrapped the N50 monthly maintenance charge on naira-denominated debit and credit cards, a fee that previously included a 7.5 per cent Value Added Tax (VAT).
The new directives were outlined in the CBN’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026.
In a circular signed by the CBN Director, Financial Policy and Regulation Department, Dr. Rita Sike, addressed to banks, other financial institutions, and the general public, the apex bank stated that the review was part of efforts to strengthen the financial system and promote innovation.
However, customers using foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.
Under the revised framework, cardholders will no longer bear charges for transactions conducted at merchants’ Point of Sale (PoS) terminals. Instead, the Merchant Service Charge (MSC) will be fully borne by the merchant.
The CBN stated that the fee for regular debit or credit card issuance and replacement is now fixed at N1,500, while charges for premium or hybrid cards will remain negotiable. It also confirmed that virtual cards will be issued at no cost.
According to the apex bank, all card payments made at merchant locations will be free for customers, with the MSC set at 0.5 per cent per transaction, subject to a maximum cap of N10,000, regardless of the payment method or technology used.
The bank noted that the updated guide is designed to expand the range of financial services, encourage the development of innovative products, and enhance oversight and accountability within the sector.
The central bank added that the revised charges are also aimed at boosting financial inclusion by lowering tariffs for micropayments and encouraging greater adoption of electronic payment channels, while accommodating new players in the financial services industry
