CBN Raises ATM Card Fee to ₦1,500, Eliminates Charges

The Central Bank of Nigeria (CBN) has announced an increase in the ATM card issuance fee from ₦1,000 to ₦1,500, marking a 50 percent rise. This adjustment is part of the CBN's efforts to ease customer costs and streamline banking services.

Additionally, the CBN has scrapped the previous monthly maintenance charge of ₦50 for naira-denominated debit and credit cards. However, holders of foreign currency-denominated cards will continue to pay an annual maintenance fee of ₦10.

The CBN's draft titled "Guidelines on Charges by Banks and Financial Institutions in Nigeria 2026" outlines these changes and revises pricing for bank services across the industry. The issuance of premium hybrid cards will remain negotiable, while virtual cards will continue to be issued at no cost.

The CBN reiterated that charges for point-of-sale transactions will be borne by merchants, not customers, with a maximum service charge capped at 0.5 percent per transaction, not exceeding ₦10,000.