The Central Bank of Nigeria (CBN) has introduced a new set of banking charges, including a 50% increase in the cost of obtaining or replacing ATM debit and credit cards.
Under the updated guideline, customers will now pay ₦1,500 instead of the previous ₦1,000.
In a move likely to be welcomed by many account holders, the apex bank has eliminated the ₦50 monthly maintenance fee previously charged on naira-denominated debit and credit cards.
This fee typically included a 7.5% Value Added Tax (VAT).
However, customers using foreign currency cards will still be required to pay an annual maintenance fee of $10.
POS And MSC
The CBN also reaffirmed its stance on Point-of-Sale (PoS) transactions.
It stated clearly that cardholders will not bear any charges when making payments to merchants.
Instead, merchants will cover the Merchant Service Charge (MSC), which is set at 0.5% per transaction, with a maximum cap of ₦10,000, regardless of the payment method or technology used.
The Exposure Draft
These updates were outlined in the exposure draft of the 2026 Guide to Charges by Banks and Other Financial Institutions (OFIs).
According to the document, basic debit and credit card issuance now costs ₦1,500, while fees for premium or hybrid cards will be determined by negotiation.
Virtual cards, however, will be issued at no cost.
In a circular addressed to banks, financial institutions, and the general public, the CBN—through its Director of Financial Policy and Regulation, Dr. Rita Sike—explained that the revised guide is part of broader efforts to strengthen Nigeria’s financial system.
Reason For Increase
The bank noted that the changes are designed to support financial inclusion, encourage the use of digital payment channels, and foster innovation across the financial sector.
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It also aims to expand access to financial services while keeping transaction costs low, particularly for small-value payments.
Additionally, the revised framework reflects the evolving landscape of Nigeria’s financial industry, incorporating new players and modern payment solutions that have emerged since the last version of the guide was issued in 2020.