The Central Bank of Nigeria (CBN) has raised the cost of issuing and replacing ATM, debit, and credit cards by 50 percent, moving the fee from ₦1,000 to ₦1,500.
At the same time, the apex bank has scrapped the monthly maintenance charge of ₦50 previously applied to naira-denominated debit and credit cards, which also included a 7.5 percent Value Added Tax. However, holders of foreign currency cards will still pay an annual maintenance fee of $10.
These changes were outlined in the CBN’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026.
The regulator also reaffirmed that charges related to Point of Sale (PoS) transactions will be borne by merchants rather than customers. According to the draft, standard ATM card issuance or replacement now costs ₦1,500, while fees for premium or hybrid cards remain negotiable. Virtual cards, however, will be issued at no cost.
It further clarified that cardholders will not be charged for transactions at merchant locations, as the Merchant Service Charge (MSC) will be paid entirely by the merchant. The MSC is set at 0.5 percent per transaction, with a maximum cap of ₦10,000, regardless of the payment method or technology used.
In a circular signed by the Director of the Financial Policy and Regulation Department, Rita Sike, and addressed to financial institutions and the public, the CBN explained that the revised guide aims to strengthen the financial system, encourage innovation, and expand access to financial services.
The bank added that the update also reviews existing banking charges to promote greater use of electronic payment channels and accommodate new players in the financial sector since the release of the 2020 guidelines.