CBN hikes ATM card fees to ₦1,500, removes monthly maintenance charges

The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards by 50 percent, raising the fee from ₦1,000 to ₦1,500.

At the same time, the apex bank has eliminated the ₦50 monthly maintenance charge previously applied to naira-denominated debit and credit cards, a fee that typically included a 7.5 percent Value Added Tax. However, holders of foreign currency-denominated cards will still be required to pay an annual maintenance fee of $10.
These changes were outlined in the CBN’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026. The bank also announced that charges related to ATM transactions conducted at merchants’ Point of Sale (PoS) terminals will now be borne by merchants instead of customers.
According to the CBN, the issuance or replacement fee for regular debit or credit cards is now ₦1,500, while charges for premium or hybrid cards remain negotiable. Virtual cards will continue to be issued at no cost. The bank further stated that cardholders will not be charged for transactions carried out at merchant locations, as the Merchant Service Charge (MSC) will be paid by the merchant.
The MSC, set at 0.5 percent and capped at ₦10,000, will apply uniformly regardless of the payment method or technology used.
In a circular addressed to banks, other financial institutions, and the public, and signed by the Director of the Financial Policy and Regulation Department, Rita Sike, the CBN explained that the review is part of efforts to strengthen Nigeria’s financial system.
The bank noted that the updated guide aims to promote a safe and sound financial environment, encourage the adoption of innovative financial services, and improve financial inclusion, especially in micropayments and everyday transactions.
It added that the revised framework expands the range of financial services, supports the development of new products, enhances oversight and accountability, and reflects the evolving nature of the financial sector since the release of the 2020 guide.