The Central Bank of Nigeria (CBN) has approved a 50 per cent increase in the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards, raising the fee to N1,500 from the previous N1,000 as part of its latest review of banking charges in the country.
The apex bank also announced the removal of the N50 monthly maintenance fee previously charged on naira-denominated debit and credit cards, a move it says is aimed at streamlining transaction costs and promoting wider adoption of electronic payment channels across the financial system.
Brandspur Banking News Desk reports that the new directives are contained in the CBN’s Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026, which outlines revised pricing structures for various banking and payment services.
According to the document, while charges for standard ATM cards have been fixed at N1,500, fees for premium, debit, credit, and hybrid cards will remain negotiable depending on the issuing financial institution. The apex bank also clarified that virtual cards will attract no issuance charges.
In addition, the CBN maintained that customers will no longer bear transaction costs for point-of-sale (PoS) payments, stating that all Merchant Service Charges (MSC) are to be fully absorbed by merchants. The charge remains capped at 0.5 per cent per transaction, with a maximum limit of N10,000, regardless of the payment technology used.
The regulatory update also confirmed that foreign currency-denominated cards will continue to attract an annual maintenance fee of $10, maintaining existing international card service conditions.
The CBN stated that the revised framework is designed to enhance financial inclusion, encourage innovation in payment systems, and ensure transparency in the pricing of financial services across banks and other financial institutions.
It further noted that the updated guide introduces new financial service categories, strengthens regulatory oversight, and accommodates emerging players in Nigeria’s evolving digital financial ecosystem.
According to the circular signed by the Director of Financial Policy and Regulation Department, Dr. Rita Sike, the review is part of the apex bank’s mandate to maintain a stable and efficient financial system while promoting the expansion of electronic payment infrastructure.
The CBN added that the adjustments also aim to support micropayments and reduce barriers to digital transactions, particularly for low-value transfers, while encouraging the use of secure and efficient banking channels.
Financial analysts say the revised charges could influence consumer behaviour, particularly in the adoption of cashless transactions, as banks and merchants adjust to the new cost structure introduced by the regulator.
The 2026 Guide to Charges is expected to serve as a reference framework for banks, fintech companies, and other financial service providers operating within Nigeria’s financial sector as implementation begins.
