- CBN Increases ATM Card Fee, Scraps Maintenance Charge
- Monthly naira card maintenance charge scrapped by regulator
- Merchants to bear PoS transaction costs, not customers
The Central Bank of Nigeria has announced a 50 per cent increase in the fee charged for the issuance and replacement of Automated Teller Machine debit and credit cards, raising the cost from ₦1,000 to ₦1,500.
The apex bank also scrapped the ₦50 monthly maintenance charge on naira denominated debit and credit cards, which previously included 7.5 per cent Value Added Tax. However, it stated that holders of foreign currency denominated cards will continue to pay an annual maintenance fee of $10.
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EKO HOT BLOG reports that the bank further reiterated that customers will not bear the cost of ATM transactions conducted on merchant Point of Sale terminals, noting that such charges will be paid by merchants.
These changes were outlined in the exposure draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026, released by the regulator.
According to the document, the new fee for regular debit and credit cards is ₦1,500, while charges for premium or hybrid cards will be subject to negotiation. It also stated that virtual cards will be issued at no cost.
The guide maintained that all card transactions carried out by customers at merchant locations will remain free for cardholders, with the Merchant Service Charge to be borne by merchants. The charge is fixed at 0.5 per cent per transaction, subject to a maximum cap of ₦10,000, regardless of the payment method or technology used.
In a circular addressed to banks, other financial institutions and the public, the CBN, through its Director of Financial Policy and Regulation Department, Dr Rita Sike, said the review was part of efforts to strengthen the financial system.
The bank explained that the updated guide aims to promote a safe and sound financial environment, support the adoption of innovative financial services and deepen financial inclusion across the country.
It added that the revised framework expands the range of financial services, encourages the development of new products and enhances regulatory oversight and accountability.
The CBN also noted that adjustments to certain banking charges were made to encourage greater use of electronic payment channels and accommodate new players in the financial sector since the release of the 2020 guide.
