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As CBN Raises Fee by 50%
- Safiu Kehinde
Nigerians are set to pay more for their Automated Teller Machine (ATM) debit and credit cards as the Central Bank of Nigeria (CBN) raised the fee for issuance and replacement by 50 percent.
The issuance and replacement service charge which was previously pegged at N1,000 has now been increased to N1,500.
CBN also scrapped the N50 monthly charges for Naira Debit/ Credit Card maintenance which usually includes 7.5 percent Value Added Tax.
However, customers with Foreign Currency denominated debit/credit cards will continue to pay maintenance fee of $10 per annum.
This was disclosed in the apex bank’s Exposure draft of the Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026.
CBN, in the circular issued by its Director of Financial Policy and Regulation Department, Dr. Rita Sike, said that the review of the guide to charges by banks and OFIs and non bank Financial Institutions was to fulfill its mandate to promote a safe and sound financial system in Nigeria.
Sike also held that the review seeks to accelerate the adoption of innovative financial services, financial inclusion and micropayments/transaction.
“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.” The circular partly read.
Meanwhile, CBN noted that the cost of ATM transactions on Merchants PoS will be borne by the Merchant and not the customers.
“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.” The CBN wrote.