The Central Bank of Nigeria has reviewed upward the fee for issuing and replacing ATM debit and credit cards, moving the charge from ₦1,000 to ₦1,500 a 50 percent increase as part of a broader overhaul of banking charges in the country.
The new directive, contained in the 2026 Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions, also eliminates the ₦50 monthly maintenance fee previously levied on Naira-denominated debit and credit cards, which had typically attracted a 7.5 percent Value Added Tax. However, holders of foreign currency cards will continue to pay an annual maintenance fee of $10.
On merchant transactions, the CBN reaffirmed that all card payments made at Point-of-Sale terminals will remain free for customers. Merchants will bear the cost, pegged at 0.5 percent of transaction value and capped at ₦10,000, regardless of the payment method or technology used.
Premium debit, credit, and hybrid cards will attract negotiable charges, while virtual cards will be issued at no cost.
The circular, signed by CBN Director of Financial Policy and Regulation, Dr. Rita Sike, described the review as part of the apex bank’s mandate to strengthen Nigeria’s financial system, drive electronic payment adoption, and promote financial inclusion — particularly through lower charges on micropayments and small-value transactions.
The CBN noted that the updated guide expands the range of recognised financial services, accommodates newer industry participants not covered under the previous 2020 guidelines, and places greater emphasis on oversight and accountability across the sector.
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