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 N1,000 to N1,500.
The adjustment forms part of the apex bank’s updated *Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026*, which also introduces key changes aimed at easing costs for customers and promoting digital transactions.
Under the revised framework, the CBN has eliminated the N50 monthly maintenance charge previously applied to naira-denominated debit and credit cards, a fee that included Value Added Tax. However, holders of foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.
In the document, the apex bank outlined the new pricing structure and clarified responsibilities around card usage and merchant transactions.
“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.
“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.”
The CBN further emphasised that charges for transactions carried out at Point of Sale (PoS) terminals will no longer be passed on to customers, as merchants are required to absorb the Merchant Service Charge.
In a circular addressed to banks, other financial institutions, and the general public, the Director of the Financial Policy and Regulation Department at the CBN, Rita Sike, explained that the review aligns with the bank’s mandate to strengthen the financial system and encourage broader adoption of electronic payment channels.
“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.
“Furthermore, 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.”
