CBN Raises ATM Card Issuance Fee to ₦1,500, Removes ₦50 Monthly Maintenance Charge

The Central Bank of Nigeria (CBN) has increased the fee for issuing and replacing ATM debit and credit cards from ₦1,000 to ₦1,500, representing a 50 per cent rise.

The development was contained in the apex bank’s 2026 Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs), aimed at reviewing banking charges and strengthening electronic payment systems across the country.

Under the revised guide, the CBN also removed the ₦50 monthly maintenance charge previously applied to naira-denominated debit and credit cards, offering some relief to bank customers.

However, holders of foreign currency debit and credit cards will continue to pay an annual maintenance fee of $10.

The draft also reaffirmed that customers will not be charged for payments made to merchants through Point of Sale (POS) terminals. Instead, merchants will bear the Merchant Service Charge (MSC), which remains fixed at 0.5 per cent of the transaction value, with a maximum cap of ₦10,000 regardless of the payment channel used.

According to the CBN, the revised charges are part of broader efforts to promote a stable financial system, deepen the adoption of digital payments, and expand access to financial services across Nigeria.

The apex bank noted that the new structure is also designed to encourage innovation in the financial services sector while supporting the continued growth of electronic transactions.

Although the revised charges have generated public attention, the document remains an exposure draft, meaning it is still subject to consultation and review before final implementation.

The proposed changes come amid ongoing efforts by the CBN to modernise Nigeria’s banking system and reduce dependence on cash transactions.