The Central Bank of Nigeria has increased the cost of issuing and replacing Automated Teller Machine debit and credit cards by 50 per cent, raising the fee from N1,000 to N1,500.
The apex bank also announced the removal of the N50 monthly maintenance charge on naira-denominated debit and credit cards, a fee that previously included Value Added Tax.
However, it stated that holders of foreign currency-denominated cards would continue to pay an annual maintenance fee of $10.
The changes were outlined in the apex bank’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026.
According to the document, the N1,500 fee applies to regular debit and credit cards, while charges for premium or hybrid cards would be subject to negotiation. It also clarified that virtual cards would be issued at no cost.
The CBN further reiterated that charges on transactions conducted via Point of Sale terminals would be borne by merchants, not customers.
It stated that cardholders would not incur any cost when making payments at merchant locations, as the Merchant Service Charge would be paid by the merchant.
The bank added that the charge payable by merchants remains 0.5 per cent per transaction, subject to a maximum cap of N10,000, regardless of the payment method or technology used.
In a circular addressed to banks, other financial institutions and the public, the Director of Financial Policy and Regulation Department, Dr Rita Sike, said the review was part of efforts to strengthen the financial system and promote innovation.
She noted that the updated guide aims to expand the range of financial services, support the development of new products and enhance regulatory oversight.
The CBN also said the review was designed to drive financial inclusion by lowering costs for micro-transactions and encouraging greater adoption of electronic payment channels.
It added that the revised framework reflects emerging trends in the financial sector and accommodates new players since the release of the 2020 edition of the guide.
