The charge that bank clients must pay for the issuance and replacement of Automated Terminal Machine (ATM) debit/credit cards has been increased by 50%, from ₦1,000 to ₦1,500, according to the Central Bank of Nigeria (CBN).
Additionally, the CBN eliminated the ₦50 monthly maintenance fees for Naira debit/credit cards, which typically contain 7.5 percent Value Added Tax (VAT). However, consumers with foreign currency-denominated debit/credit cards would still be required to pay a $10 annual maintenance fee.
Among other things, it reaffirmed that the merchant, not the clients, will be responsible for the cost of ATM transactions on Merchant PoS.
According to Naija News, the apex bank’s Exposure draft of the Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026 included these advancements.
“ATM card issuance/replacement charges for regular/basic debit/credit cards are N1,500,” according to CBN. Premium debit, credit, and hybrid card fees are negotiated and free virtual cards. The merchant is responsible for paying the Merchant Service Charge (MSC). The cardholder paying the merchant will not be charged.
“Every card transaction made by a cardholder at a merchant location is free of charge to the cardholder; that is, the retailer will cover the MSC. Regardless of the technology or payment methods, a merchant must pay the same MSC (0.5 percent) up to a maximum of N10,000.
The CBN Director of Financial Policy and Regulation Department, Dr. Rita Sike, signed a circular to Banks, Other Financial Institutions, and the Public in which the apex bank stated that the review of the guide to charges by banks, OFIs, and non-bank financial institutions 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/transactions.
A wider range of financial services are offered by this reviewed guide, which also fosters the creation of novel products, increases monitoring and accountability responsibilities, and advances financial inclusion by lowering micropayment and transaction costs.
Additionally, it stated that since the 2020 Guide was released, “the Guide reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodates new industry participants.”
