CBN increases ATM card issuance fee

 

   CBN raises ATM card fees

The Central Bank of Nigeria (CBN) has increased the cost of issuing or replacing ATM debit and credit cards by 50 percent, raising the fee from ₦1,000 to ₦1,500.

The apex bank also abolished the monthly ₦50 maintenance charge previously applied to naira-denominated debit and credit cards, a fee that typically included Value Added Tax. However, customers using foreign currency–denominated cards will still be required to pay an annual maintenance fee of $10.

The changes were contained in the CBN’s draft revision of the Guide to Charges for Banks and Other Financial Institutions in Nigeria (2026 edition).

Under the new framework, the CBN said merchants will now bear the cost of card transactions conducted at point-of-sale (PoS) terminals, meaning customers will no longer be charged for such payments. The Merchant Service Charge remains capped at 0.5 percent, subject to a maximum of ₦10,000, regardless of the payment method used.

According to the bank, virtual cards will attract no issuance charges, while fees for premium or hybrid cards will be determined by agreement between banks and customers.

In a circular signed by the Director of the Financial Policy and Regulation Department, Dr. Rita Sike, the CBN said the review was aimed at strengthening financial system stability, encouraging digital payments, and expanding financial inclusion.

It added that the revised guide introduces broader financial services, supports innovation in the sector, and adjusts selected charges to promote the use of electronic banking channels.

The new framework is expected to guide banks and other financial institutions in structuring service fees going forward.