CBN Raises ATM Card Issuance And Replacement Fees

According to Ireporter Online, the apex bank also abolished the ₦50 monthly maintenance fee previously applied to Naira debit and credit cards, a charge that typically included a 7.5 percent Value Added Tax (VAT). However, it maintained that customers using foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.

The new framework also clarified that ATM transactions carried out on merchant Point of Sale (PoS) terminals will no longer attract charges for customers, as such fees are to be borne entirely by merchants.

These changes were outlined in the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026, released by the apex bank.

The CBN stated that ATM card issuance or replacement for standard debit or credit cards will now cost ₦1,500, while charges for premium or hybrid cards remain negotiable. It further noted that virtual cards will be issued at no cost to customers.

The regulator added that Merchant Service Charges (MSC) will be fully borne by merchants, with no cost passed to customers at the point of payment. It also fixed the MSC at 0.5 percent, subject to a ₦10,000 cap, regardless of the payment channel used.

In a circular signed by the Director of the Financial Policy and Regulation Department, Dr. Rita Sike, the CBN explained that the review aims to strengthen Nigeria’s financial system, promote innovation in financial services, and deepen financial inclusion, particularly in micropayments and digital transactions.

The bank further noted that the updated guide is designed to encourage greater use of electronic payment channels, improve oversight, and accommodate emerging industry players following the 2020 regulatory framework.