The Central Bank of Nigeria has increased the fee for issuance and replacement of Automated Teller Machine debit and credit cards by 50 percent to N1,500 from N1,000.
The apex bank also scrapped the N50 monthly charges for Naira debit and credit card maintenance, but said customers with foreign currency-denominated cards will continue to pay a maintenance fee of $10 per annum.
The CBN disclosed this in its exposure draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026.
The bank also reiterated that the cost of ATM transactions on merchants’ Point of Sale terminals will be borne by the merchant and not the customers. “There shall be no charge to the cardholder paying the merchant,” the draft stated.
The Merchant Service Charge payable by a merchant remains 0.5 percent, subject to a cap of N10,000, and shall be the same regardless of the technology or payment method used.
In a circular signed by the Director of the Financial Policy and Regulation Department, Dr Rita Sike, the CBN said the review was to fulfill its mandate to promote a safe and sound financial system in Nigeria, accelerate the adoption of innovative financial services, financial inclusion, and micropayments.
The reviewed guide provides for an increased range of financial services, encourages the development of innovative products, strengthens oversight and accountability, and promotes financial inclusion through lower tariffs for micropayments. It also accommodates new industry participants since the issuance of the 2020 guide.
