The Central Bank of Nigeria (CBN) has increased the fee for issuing and replacing ATM debit and credit cards by 50 percent, raising it from N1,000 to N1,500.
At the same time, the apex bank has abolished the N50 monthly maintenance charge previously applied to naira-denominated debit and credit cards, including associated VAT. However, holders of foreign currency cards will continue to pay an annual maintenance fee of $10.
These changes were outlined in the CBN’s exposure draft of the 2026 Guide to Charges by Banks and Other Financial Institutions (OFIs).
Under the new framework, standard debit and credit cards will cost N1,500 to issue or replace, while charges for premium or hybrid cards will be determined by negotiation. Virtual cards will be issued at no cost.
The CBN also clarified that customers will no longer bear charges for transactions carried out at merchants’ point-of-sale (PoS) terminals. Instead, merchants will pay a service charge of 0.5 percent per transaction, subject to a maximum of N10,000, regardless of the payment method used.
In a circular signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department, the CBN said the review is aimed at strengthening the financial system, promoting financial inclusion, and encouraging the use of electronic payment channels.
The updated guidelines are also designed to support innovation in financial services, expand access to banking, and accommodate new players in the industry since the release of the 2020 version of the guide.