The Central Bank of Nigeria (CBN) has introduced a new pricing structure for banking card services, increasing the cost of issuing and replacing ATM, debit, and credit cards by 50 percent. The fee has now risen from N1,000 to N1,500.
While the adjustment raises costs in one area, the bank has also removed the monthly maintenance fee of N50 that was previously charged on naira-denominated debit and credit cards. The move is expected to ease the financial burden on customers who rely heavily on electronic banking services.
However, the policy does not extend to foreign currency cards, as holders of such cards will still be required to pay an annual maintenance fee of $10.
These updates were outlined in the CBN’s exposure draft titled “Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026,” which details revised banking fees and service guidelines.
The apex bank also reaffirmed its position on Point of Sale (PoS) transactions, stating clearly that customers will not bear any charges when making payments at merchant locations. Instead, the associated costs will continue to be covered by merchants.
According to the document, “ATM card issuance/replacement charges for regular/basic debit/credit card is N1,500. Charges for Premium Debit/Credit/Hybrid Card are negotiable. Virtual cards at no charge.”
It further stated that, “Merchant Service Charge (MSC) (charge to be borne by the merchant). There shall be no charge to the cardholder paying the merchant.
“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder, i.e. the MSC shall be borne by the merchant.
“The MSC payable by a merchant (0.5 per cent), subject to a cap of N10,000, shall be the same irrespective of the technology or payment methods.”
In a circular addressed to banks, other financial institutions, and the general public, and signed by Rita Sike, the CBN explained that the revised guide is part of a broader effort to modernise the financial system.
“This reviewed Guide provides for an increased range of financial services, encourages development of innovative products, strengthens responsibility for oversight and accountability and promotes financial inclusion through lower tariffs for micropayments/transactions.
“Furthermore, the Guide reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodate new industry participants since the issuance of the 2020 Guide.”
The new framework signals the CBN’s intention to balance cost adjustments with policies that promote digital payments, innovation, and wider financial inclusion across Nigeria.
