The Central Bank of Nigeria has raised the fee for issuing or replacing regular ATM debit and credit cards by 50 percent to ₦1,500, while scrapping the ₦50 monthly maintenance charge on naira-denominated cards.
The adjustment was disclosed in the apex bank’s Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria for 2026.
“ATM card Issuance/Replacement charges for regular/basic debit/credit card is ₦1,500,” the draft stated, up from the previous ₦1,000. Charges for premium, credit or hybrid cards remain negotiable, while virtual cards will attract no issuance fee.
The CBN also abolished the ₦50 monthly maintenance fee (including 7.5 percent VAT) previously levied on naira debit and credit cards. Holders of foreign currency cards will continue to pay $10 per annum for maintenance.
In a circular signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department, the CBN explained that the revised guide aims to promote a safe and sound financial system while accelerating the adoption of innovative services and financial inclusion.
The review seeks to encourage the development of new products, strengthen oversight and accountability, and lower tariffs for micropayments and transactions to boost electronic channel usage.
Additionally, the CBN reiterated that the cost of ATM transactions at merchant Point-of-Sale terminals must be borne entirely by the merchant, with no charge passed to the cardholder. The Merchant Service Charge remains at 0.5 percent, capped at ₦10,000, regardless of payment method.
The changes form part of broader efforts to update the 2020 guide and accommodate new industry participants amid evolving digital payment trends.
Bank customers are likely to welcome the removal of the monthly maintenance fee, which could ease recurring costs, though the higher one-off issuance or replacement fee may add pressure when obtaining new cards.
The draft is currently open for stakeholder comments before finalisation. No specific implementation date was provided in the exposure document.
