The Central Bank of Nigeria has increased the cost of issuing and replacing Automated Teller Machine debit and credit cards by 50 percent, raising the fee from N1000 to N1500.
The move was disclosed in the apex bank’s exposure draft of the 2026 Guide to Charges for banks and Other Financial Institutions. While card issuance costs have gone up, the bank announced a major relief for customers by scrapping the N50 monthly maintenance fee previously charged on naira denominated debit and credit cards.
Under the new framework, customers using foreign currency cards will still pay an annual maintenance fee of 10 dollars. The CBN also clarified that virtual cards will remain free, while charges for premium cards will be determined by banks.
In another key ce, the apex bank directed that all charges related to payments made at merchant locations using Point of Sale terminals will now be borne by merchants, not customers. This means cardholders will no longer pay transaction fees when making purchases at shops or service outlets.
The Merchant Service Charge has been fixed at 0.5 percent per transaction, subject to a maximum of N10000, regardless of the payment od or technology used.
According to the CBN, the review is aimed at strengthening Nigeria’s financial system, promoting financial inclusion, and encouraging the use of digital payment channels. The new guidelines also seek to support innovation and accommodate emerging players in the financial sector.
The policy was communicated in a circular signed by Dr Rita Sike, Director of the Financial Policy and Regulation Department. The apex bank emphasized that the revised charges are part of broader efforts to make banking services more accessible while ensuring sustainability for financial institutions.
The ces are expected to impact millions of bank customers across Nigeria, especially as the country continues to push for a cashless economy.
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