The Central Bank of Nigeria has increased the cost of issuing and replacing ATM debit and credit cards by 50 per cent to N1,500, while abolishing the N50 monthly maintenance charge on naira-denominated cards.
The new charges were outlined in the apex bank’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions, 2026, signalling a fresh review of banking tariffs aimed at reshaping electronic payment costs.
Under the revised framework, customers will no longer pay monthly maintenance fees on naira debit or credit cards, a charge that previously attracted Value Added Tax. However, holders of foreign currency cards will continue to pay an annual maintenance fee of $10.
The regulator also introduced a customer-friendly provision shielding cardholders from charges on Point-of-Sale transactions, directing that such costs be borne entirely by merchants.
“All card transactions at merchant locations shall be free to the cardholder, as the Merchant Service Charge will be paid by the merchant,” the bank stated, adding that the fee is pegged at 0.5 per cent per transaction, subject to a maximum of N10,000.
The draft further clarified that charges for premium debit, credit or hybrid cards would remain negotiable, while virtual cards are to be issued at no cost.
In a circular signed by the Director of Financial Policy and Regulation, Dr Rita Sike, the CBN said the review was part of broader efforts to strengthen Nigeria’s financial system, deepen financial inclusion and accelerate the shift to digital payment channels.
According to the bank, the updated guide expands the scope of financial services, supports innovation, and introduces measures to enhance transparency and accountability within the banking sector.
The move is also expected to encourage the adoption of electronic payment platforms by reducing costs on micropayments and aligning charges with evolving industry dynamics.