CBN raises ATM Card fees to N1,500, scraps monthly maintenance charges

The Central Bank of Nigeria (CBN) has approved a 50 per cent increase in the cost of issuing and replacing ATM debit and credit cards, raising the fee from N1,000 to N1,500.

The apex bank also abolished the N50 monthly maintenance charge previously applied to naira-denominated debit and credit cards, which often included Value Added Tax. However, customers using foreign currency cards will continue to pay an annual maintenance fee of $10.

The policy update was contained in the CBN’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria (2026).

According to the document, all card transactions conducted at merchant Point of Sale (PoS) terminals will now be free for customers, with the Merchant Service Charge (MSC) to be fully borne by merchants.

The CBN explained that merchants will pay a flat 0.5 per cent transaction fee, capped at N10,000, regardless of the payment channel or technology used.

“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder,” the guideline stated.

The apex bank said the review is aimed at strengthening Nigeria’s financial system, promoting innovation, deepening financial inclusion, and encouraging the use of electronic payment channels.

Signed by the Director of Financial Policy and Regulation Department, Dr. Rita Sike, the circular noted that the revised framework also accommodates new industry participants and expands available financial services.

The CBN added that the changes are part of efforts to modernise banking operations and ensure a safer, more efficient financial ecosystem in Nigeria.