The Central Bank of Nigeria (CBN) has increased the fee for issuing and replacing ATM debit and credit cards by 50 percent, raising it from N1,000 to N1,500.
The change was disclosed in the bank’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026.
Under the revised framework, the apex bank also abolished the N50 monthly maintenance charge previously applied to naira-denominated debit and credit cards, which typically included Value Added Tax.
However, customers with foreign currency cards will still pay an annual maintenance fee of $10.
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.”
The bank further clarified that customers will no longer bear costs for transactions carried out at merchants’ Point of Sale (PoS) terminals, as those charges will now be fully transferred to merchants.
“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 CBN stated, adding that the Merchant Service Charge is pegged at 0.5 percent, subject to a maximum of N10,000.
In a circular signed by Dr. Rita Sike, director of the Financial Policy and Regulation Department, the apex bank explained that the review is part of broader efforts to strengthen Nigeria’s financial system and expand access to digital financial services.
“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,” the statement said.
The CBN added that the update also reflects evolving trends in the financial sector and aims to encourage wider adoption of electronic payment channels while accommodating new industry participants.