CBN Raises ATM Card Fee to N1,500, Scraps Monthly Maintenance Charges

The Central Bank of Nigeria (CBN) has increased the fee for issuing and replacing Automated Teller Machine (ATM) debit and credit cards by 50 percent, raising it from N1,000 to N1,500.

In a move aimed at easing costs for bank customers, the apex bank also abolished the N50 monthly maintenance charge previously applied to Naira-denominated debit and credit cards, which included a 7.5 percent Value Added Tax. However, it clarified that holders of foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.

The changes were outlined in the CBN’s exposure draft of the 2026 Guide to Charges by Banks and Other Financial Institutions (OFIs), which seeks to update existing banking fees and align them with evolving financial services.

According to the bank, cardholders will no longer bear charges for transactions carried out on Point of Sale (PoS) terminals. Instead, merchants will shoulder the Merchant Service Charge (MSC), which is pegged at 0.5 percent per transaction, subject to a maximum of N10,000.

“ATM card issuance or replacement for regular debit or credit cards is now fixed at N1,500, while charges for premium or hybrid cards are negotiable.

Virtual cards will be issued at no cost,” the CBN stated.

It further emphasized that all card payments at merchant locations will be free for customers, noting that the applicable service charge will be paid entirely by merchants regardless of the payment method or technology used.

In a circular signed by the Director of the Financial Policy and Regulation Department, Dr. Rita Sike, the CBN explained that the revised guide is part of efforts to strengthen Nigeria’s financial system and encourage the adoption of digital payment channels.

The bank said the review would support financial inclusion by lowering costs for micropayments and expanding access to innovative financial products, while also enhancing regulatory oversight and accountability across the banking sector.