The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing ATM debit and credit cards by 50 percent, raising the fee from N1,000 to N1,500.
At the same time, the apex bank has scrapped the N50 monthly maintenance charge previously applied to Naira-denominated debit and credit cards.
However, customers using foreign currency cards will still pay an annual maintenance fee of $10.
The changes were outlined in the CBN’s 2026 exposure draft of its Guide to Charges for Banks and Other Financial Institutions (OFIs).
Under the revised framework, the CBN also directed that cardholders will no longer bear charges for transactions carried out on Point-of-Sale (PoS) terminals.
Instead, merchants will absorb the Merchant Service Charge (MSC), which is set at 0.5 percent per transaction, subject to a maximum of N10,000.
According to the apex bank, all card payments made at merchant locations must be free for customers, regardless of the payment method or technology used.
The CBN explained that the review is part of efforts to strengthen Nigeria’s financial system, encourage the use of electronic payment channels, and support financial inclusion.
It added that the updated guide expands the range of financial services, promotes innovation in banking products, and introduces stronger oversight and accountability measures for financial institutions.
The move also reflects the CBN’s push to accommodate new players in the financial ecosystem while reducing costs for low-value digital transactions.
