CBN Raises ATM Card Issuance Fee by 50% to N1,500
The Central Bank of Nigeria (CBN) has increased the fee for issuance and replacement of Automated Teller Machine (ATM) debit and credit cards by 50 per cent to N1,500 from N1,000.
The apex bank also scrapped the N50 monthly maintenance charge on Naira debit and credit cards, which previously attracted 7.5 per cent Value Added Tax.
However, it said customers with foreign currency-denominated debit and credit cards will continue to pay a $10 annual maintenance fee.
The CBN disclosed this in its Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026.
The apex bank also stated that charges on ATM transactions at merchant Point of Sale (PoS) terminals will now be borne by merchants and not customers.
The CBN said, “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. “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 percent) subject to a cap of N10,000 shall be the same irrespective of the technology or payment methods.”
In a circular to Banks, Other Financial Institutions and the Public signed by the Director of Financial Policy and Regulation Department, CBN, Dr Rita Sike, the apex bank said the review was aimed at strengthening the financial system and encouraging innovation.
“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 accommodates new industry participants since the issuance of the 2020 Guide.”
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
