The Central Bank of Nigeria has increased the cost of issuing and replacing ATM debit and credit cards by 50 per cent, raising the fee from ₦1,000 to ₦1,500.
In a revised Guide to Charges for Banks and Other Financial Institutions (OFIs) for 2026, the apex bank also announced the removal of the ₦50 monthly maintenance fee previously charged on naira-denominated debit and credit cards. However, customers with foreign currency cards will continue to pay an annual maintenance fee of $10.
The CBN further clarified that cardholders will no longer bear charges for transactions carried out on Point-of-Sale (PoS) terminals at merchant locations, as such costs will now be borne entirely by merchants.
According to the new guidelines, the Merchant Service Charge (MSC) remains at 0.5 per cent per transaction, subject to a cap of ₦10,000, regardless of the payment method or technology used. The bank also stated that virtual cards will be issued at no cost, while fees for premium debit or hybrid cards will be determined by issuing institutions.
In a circular signed by the Director of Financial Policy and Regulation, Dr. Rita Sike, the CBN said the review is aimed at strengthening Nigeria’s financial system, promoting financial inclusion, and encouraging the adoption of digital payment channels.
The apex bank added that the updated framework expands financial services, supports innovation, and lowers costs for micropayments, while accommodating new players in the financial sector since the last review in 2020.
