CBN raises fees for ATM Cards

The Central Bank of Nigeria has increased the cost of issuing or replacing ATM debit and credit cards to N1,500.

This is a 50 per cent rise from the previous N1,000 fee.

The bank also removed the N50 monthly maintenance charge that was previously applied to naira debit and credit cards. However, customers using foreign currency debit or credit cards will still pay a yearly maintenance fee of $10.

The changes were shared in a draft guide on charges for banks and other financial institutions in Nigeria for 2026. The central bank said the review is part of its efforts to support a stable financial system, improve digital payment use, and encourage wider access to financial services.

It added that customers will not be charged when they make payments to merchants using point of sale terminals. Instead, the merchant will cover the cost. The merchant service charge is set at 0.5 per cent of the transaction value, with a maximum limit of N10,000, regardless of the payment method used.

The central bank explained that the new structure is also aimed at supporting electronic transactions and allowing more innovation in financial services.