CBN Raises ATM Card Issuance Fee to ₦1,500, Scraps Monthly Maintenance Charges

CBN has raised ATM card issuance fee to ₦1,500 and scrapped monthly maintenance charges.

 

NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards by 50 percent, raising the fee from ₦1,000 to ₦1,500.

 

In a move aimed at easing customer costs, the apex bank also scrapped the ₦50 monthly maintenance charge previously applied to naira-denominated debit and credit cards, including associated Value Added Tax.

 

However, the regulator clarified that holders of foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.

 

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The changes are contained in the CBN’s exposure draft titled “Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026,” which outlines revised pricing for banking services across the industry.

 

According to the document, standard ATM card issuance or replacement will now cost ₦1,500, while charges for premium or hybrid cards remain subject to negotiation. Virtual cards will continue to be issued at no cost.

 

The CBN also reiterated that charges for Point of Sale (PoS) transactions will be borne by merchants, not customers. Under the revised framework, cardholders will not pay any fees when making payments at merchant locations.

 

Merchant Service Charges (MSC) remain capped at 0.5 percent per transaction, with a maximum limit of ₦10,000, regardless of the payment method or technology used.

 

In a circular signed by the Director of Financial Policy and Regulation, Rita Sike, the apex bank said the revised guide is designed to strengthen the financial system, encourage innovation, and promote financial inclusion.

 

The CBN added that the update reflects the need to accommodate new players in the financial ecosystem while driving greater adoption of electronic payment channels across Nigeria.