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 ₦1,000 to ₦1,500.
In a move expected to ease recurring costs for customers, the apex bank also scrapped the ₦50 monthly maintenance charge previously applied to naira-denominated debit and credit cards, which included Value Added Tax.
However, the CBN noted that holders of foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.
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The adjustments were outlined in the bank’s exposure draft titled “Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026.”
According to the document, the new ATM card issuance or replacement fee for regular debit and credit cards is set at ₦1,500, while charges for premium or hybrid cards remain negotiable. Virtual cards, the bank added, will be issued at no cost.
The CBN also reaffirmed that charges related to Point of Sale (PoS) transactions will be borne by merchants rather than customers.
“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder,” the guideline stated, adding that the Merchant Service Charge (MSC) of 0.5 percent; capped at ₦10,000 will apply uniformly regardless of the payment method or technology used.
In a circular signed by the Director of Financial Policy and Regulation, Rita Sike, the apex bank said the revised guide aims to strengthen the financial system, promote innovation, and improve access to financial services.
The bank explained that the updated framework expands the range of financial services, supports the development of innovative products, and enhances oversight and accountability within the sector.
It added that the changes are also designed to encourage wider adoption of electronic payment channels, lower transaction costs for micropayments, and accommodate new players in Nigeria’s evolving financial ecosystem.
The revised guidelines signal a broader push by the CBN to deepen financial inclusion while aligning banking charges with current industry realities.
