CBN Increases ATM Card Issuance Fee to ₦1,500
The Central Bank of Nigeria (CBN) announced an increase in the ATM card issuance fee from ₦1,000 to ₦1,500, effective May 1. This adjustment is part of a comprehensive review of bank charges across the financial system, aimed at enhancing transparency and competitiveness.
The updated framework replaces the previous 2020 guidelines and is designed to standardize charges among financial institutions nationwide. The CBN clarified that no maintenance charges will apply to naira-denominated debit and credit cards, as well as virtual cards, which will remain free of charge.
The new rules will apply to all regulated institutions, including commercial banks, microfinance banks, payment service banks, and mobile money operators. Additionally, the CBN will maintain that point-of-sale transaction costs for merchants will remain free, while a fixed merchant service charge of 0.5% on transaction value, capped at ₦10,000, will be implemented.
Other transaction fees, including ATM withdrawal charges and electronic transfer fees, have also been revised.
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