The Central Bank of Nigeria (CBN) has announced a significant 50 percent hike in the fees for issuing and replacing Automated Teller Machine (ATM) cards. According to the new directive, bank customers will now pay ₦1,500 for card issuance or replacement, up from the previous ₦1,000.
This update was contained in the apex bank’s “Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions 2026.” The document outlines the revised costs for various banking services across the country’s financial landscape.
Scrapping of monthly card maintenance charges
While card replacement costs have risen, the CBN has officially scrapped the ₦50 monthly maintenance charge for Naira debit and credit cards. This removal also covers the associated 7.5 percent Value Added Tax (VAT) that was previously charged to local cardholders.
However, customers using foreign currency-denominated cards will not enjoy this waiver. These individuals will continue to pay an annual maintenance fee of $10 for their international cards.
Protection for consumers at merchant locations
The apex bank reiterated that customers must not bear the cost of ATM transactions conducted on merchant Point of Sale (PoS) terminals. Under the new guidelines, all card transactions at merchant locations remain free for the cardholder.
The Merchant Service Charge (MSC), currently capped at 0.5 percent or ₦10,000, remains the sole responsibility of the merchant. Rita Sike, the Director of the Financial Policy and Regulation Department, signed the circular, stating that the review aims to encourage the adoption of electronic payment channels.
