The Central Bank of Nigeria (CBN) has announced a revision of charges on ATM debit and credit cards, increasing the issuance and replacement fee to N1,500.
Newsonspot reports that this marks a 50 percent increase from the previous N1,000 fee. At the same time, the apex bank has removed the N50 monthly maintenance charge previously applied to naira debit and credit cards, offering some relief to customers.
However, the CBN clarified that holders of foreign currency debit or credit cards will still be required to pay an annual maintenance fee of $10.
The new pricing structure was disclosed in a draft guideline on charges for banks and other financial institutions in Nigeria for 2026. According to the CBN, the review is part of broader efforts to strengthen the financial system, promote digital payments, and expand financial inclusion across the country.
In a move aimed at encouraging cashless transactions, the bank also stated that customers will not be charged for payments made through point-of-sale (POS) terminals. Instead, merchants will bear the cost through a merchant service charge.
The merchant service charge has been fixed at 0.5 percent of the transaction value, with a maximum cap of N10,000, regardless of the payment channel used.
The apex bank noted that the updated framework is designed to support the growth of electronic transactions while creating room for innovation within Nigeria’s financial services sector.
