The Central Bank of Nigeria (CBN) has approved an increase in the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards, raising the charge by 50 per cent from N1,000 to N1,500.
It also announced the removal of the N50 monthly maintenance fee previously charged on naira debit and credit cards, which attracted a 7.5 per cent Value Added Tax. However, customers using foreign currency-denominated debit or credit cards will still be required to pay a $10 annual maintenance fee.
The changes were outlined in the CBN’s Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026.
In the draft, the apex bank also clarified that customers will no longer be charged for transactions carried out on merchant Point-of-Sale (PoS) terminals, as those costs will now be borne entirely by merchants.
It stated that “ATM card Issuance/Replacement charges for regular/basic debit/credit card is N1,500,” while fees for premium or hybrid cards remain negotiable. It also noted that virtual cards will be issued free of charge.
The CBN further emphasized that all card transactions at merchant locations must be free for customers, with the Merchant Service Charge (MSC) to be paid by merchants instead.
“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,” the bank stated.
It added that merchants will pay a 0.5 per cent MSC, capped at N10,000, regardless of the payment method or technology used.
