By Olawale Lamina
Effective May 1, 2026, the Central Bank of Nigeria, CBN, has increased the ATM card issuance and replacement fee to ₦1,500, ( 50 per cent higher from N1,000), while at the same time scrapping monthly maintenance charges on Naira debit cards. Similarly, withdrawals at other banks’ ATMs now attract a ₦100 fee, plus potential surcharges of up to ₦500 at off-site locations.
The apex bank stated that the revisions are intended to standardize charges and improve ATM availability, with most transaction-based charges being applied to off-site, third-party ATMs.
However, the financial regulators stated that holders of foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.
The changes were reflected in the CBN’s exposure draft of the “Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026.”
Also, the CBN restated the fact that charges in connection with Point of Sale, PoS, transactions would now be borne by merchants, not 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, ” the document stated.
It added 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.”
Based on a circular addressed to banks, other financial institutions, and the public, and signed by the Director of the Financial Policy and Regulation Department, Rita Sike, the CBN emphasized that the revised guide was introduced to strengthen the financial system and promote 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 accommodate new industry participants since the issuance of the 2020 Guide,” the statement reads.
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