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The Central Bank of Nigeria has announced a 50 percent increase in the cost of issuing or replacing ATM debit and credit cards, raising the fee from N1,000 to N1,500, according to its 2026 exposure draft on banking charges.
CBN also eliminated the N50 monthly maintenance fee previously applied to Naira debit and credit cards, which had included a 7.5 percent VAT. Holders of foreign currency-denominated cards will still pay an annual maintenance fee of $10.
The apex bank also clarified that merchants will bear the cost of ATM transactions conducted on their point-of-sale terminals, not customers.
For regular or basic debit and credit cards, “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. “Merchant Service Charge (MSC) (charge to be borne by the merchant). There shall be no charge to the cardholder paying the merchant.”
On merchant transactions, the CBN said, “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 N10,000 shall be the same irrespective of the technology or payment methods.”
In a circular signed by Rita Sike, Director of the Financial Policy and Regulation Department, the CBN said the reviewed guide aims to promote a safe and sound financial system in Nigeria and accelerate the adoption of innovative financial services, financial inclusion and micropayments/transactions.
“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 circular read.
The CBN added that the guide “reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodates new industry participants since the issuance of the 2020 Guide.”
