CBN Increases ATM Card Fee to ₦1,500, Cancels Monthly Maintenance Charge
The Central Bank of Nigeria has raised the fee for issuing and replacing ATM debit and credit cards by 50%, from ₦1,000 to ₦1,500.
In the same move, the CBN scrapped the ₦50 monthly maintenance charge on naira-denominated cards. The charge previously included 7.5% VAT.
However, customers with foreign currency-denominated cards will still pay a $10 annual maintenance fee.
The updates are contained in the CBN’s exposure draft of the _“Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026.”_
Key points from the guide:
– Basic ATM card issuance/replacement: ₦1,500
– Premium debit/credit/hybrid cards: Charges negotiable
– Virtual cards: Free
– PoS transactions: No charges for cardholders. The 0.5% Merchant Service Charge, capped at ₦10,000, will be paid by merchants only.
In a circular signed by Rita Sike, Director of Financial Policy and Regulation, the CBN said the revised guide aims to boost innovation, strengthen oversight, and drive financial inclusion through lower fees for small transactions.
“The Guide reviewed some charges to encourage more use of electronic channels and accommodate new industry players since 2020,” the CBN stated.
