The Central Bank of Nigeria (CBN) has announced a 50% increase in the cost of issuing or replacing ATM debit and credit cards.
The fee has risen from ₦1,000 to ₦1,500, according to its 2026 exposure draft on banking charges.
The apex bank also scrapped the ₦50 monthly maintenance fee previously applied to Naira debit and credit cards, which included a 7.5% VAT.
Holders of foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.
For regular debit and credit cards, the CBN stated: “ATM card issuance/replacement charges for regular/basic debit/credit card is ₦1,500. Charges for premium debit/credit/hybrid card are negotiable. Virtual cards at no charge.”
Merchants will now bear the cost of ATM transactions conducted on their point-of-sale terminals.
“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder. The MSC shall be borne by the merchant,” the bank explained.
The Merchant Service Charge (MSC) payable by merchants is set at 0.5%, capped at ₦10,000, regardless of the technology or payment method used.
Policy Goals and Consumer Protection
In a circular signed by Rita Sike, Director of the Financial Policy and Regulation Department, the CBN said the reviewed guide aims to strengthen Nigeria’s financial system.
“This reviewed guide provides for an increased range of financial services, encourages development of innovative products, strengthens responsibility for oversight and accountability, and promotes financial inclusion through lower tariffs for micropayments/transactions,” the circular read.
The bank added that the new framework accommodates industry participants since the issuance of the 2020 guide and encourages adoption of electronic channels.
The Federal Competition and Consumer Protection Commission (FCCPC) commended the CBN’s 48-hour refund policy, describing it as a step toward safeguarding consumer rights.
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