CBN Announces New Bank Charges Effective May 1

The Central Bank of Nigeria (CBN) has released new directives on bank charges that will take effect on May 1. The guidelines adjust the issuance fee for standard ATM cards from ₦1,000 to ₦1,500 and revise the framework for financial institutions, which includes commercial banks, microfinance banks, and payment service banks.

The CBN aims to enhance flexibility, standardization, transparency, and competition within the Nigerian financial system. Notably, point-of-sale (POS) payment transactions for merchants will remain free for customers, with merchants charged 0.5% of the transaction value, capped at ₦10,000.

Customers will incur a ₦100 fee for ATM withdrawals of ₦20,000 at off-site locations, with additional surcharges applicable. The CBN has also mandated that account maintenance fees for current accounts will be negotiable, with a cap rate set to reduce to ₦0.5 per mill by 2026 and to zero by 2027.

The new framework is part of broader efforts to strengthen consumer protection and standardize banking practices across Nigeria.