The Central Bank of Nigeria (CBN) has increased the fee for ATM card issuance and replacement from ₦1,000 to ₦1,500, a 50 percent rise, while eliminating the ₦50 monthly maintenance charge on naira-denominated debit and credit cards. The move is part of a broader regulatory update outlined in the CBN's exposure draft, "Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026," which details revised pricing for banking services. The apex bank clarified that the waiver of the monthly maintenance fee, including its associated Value Added Tax, applies only to cards denominated in naira, with holders of foreign currency-denominated cards still required to pay an annual maintenance fee of $10. Standard ATM card issuance or replacement will now cost ₦1,500, though fees for premium or hybrid cards will remain negotiable between banks and customers. Virtual cards will continue to be issued free of charge. The CBN emphasized that Point of Sale (PoS) transaction fees will remain the responsibility of merchants, not cardholders, with Merchant Service Charges (MSC) capped at 0.5 percent per transaction, up to a maximum of ₦10,000. In a circular detailing the changes, the Director of Financial Policy and Regulation, Rita Sike, stated the revised framework aims to strengthen the financial system, support innovation, and expand financial inclusion. The guidelines are intended to accommodate emerging players in the financial sector and accelerate the use of electronic payment platforms nationwide. The exposure draft is currently open for public review and feedback ahead of final approval.
Raising the ATM card fee by 50 percent while removing a small monthly charge suggests the CBN is shifting revenue burdens rather than reducing them. The exemption of virtual cards from fees aligns with the push for digital adoption, yet the higher upfront cost may deter low-income users from accessing physical cards. Foreign currency cardholders still face annual charges, revealing a tiered system that treats different customer groups unequally. This adjustment appears more focused on reshaping cost structures than delivering broad relief.
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