The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing ATM debit and credit cards by 50 per cent, raising the fee from N1,000 to N1,500
The apex bank also announced the removal of the N50 monthly maintenance charge previously applied to naira debit and credit cards, which included a 7.5 per cent Value Added Tax.
However, it maintained that customers using foreign currency-denominated debit or credit cards will continue to pay an annual maintenance fee of $10.
These changes were contained in the CBN’s Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026.
The regulator also clarified that ATM transactions carried out on merchant Point-of-Sale (PoS) terminals will no longer attract charges for customers, as such costs will now be borne by merchants.
According to the CBN, “ATM card Issuance/Replacement charges for regular/basic debit/credit card is N1,500. Charges for Premium Debit/Credit/Hybrid Card are negotiable. Virtual cards at no charge.”
It added that all card payments at merchant locations must be free for customers, stating that the Merchant Service Charge (MSC) will be fully paid by the merchant.
“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder, i.e. the MSC shall be borne by the merchant,” it said.
The CBN further explained that merchants will pay a uniform 0.5 per cent service charge capped at N10,000, regardless of the payment method or technology used.
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We go enter road when can’t bear all the deductions again