The Central Bank of Nigeria (CBN) has increased the fee for the issuance and replacement of debit and credit cards from N1,000 to N1,500, in a revised Guide to Charges for banks and other financial institutions.
The new charge, announced in a circular titled “Guide to Charges by Banks and Other Financial Institutions”, takes effect from May 1 and applies to standard ATM cards issued across banks and other regulated financial institutions nationwide.
According to the apex bank, the revised framework replaces the 2020 guidelines and applies to commercial banks, microfinance banks, payment service banks, and mobile money operators. It said the update followed consultations with industry stakeholders aimed at improving transparency, standardisation, and competition in the financial sector.
The CBN clarified that while card issuance and replacement fees have been reviewed upward, no maintenance fee will be charged on naira-denominated debit or credit cards. It also stated that virtual cards will remain free of charge.
Under the new rules, point-of-sale (POS) transactions made by customers will remain free, with merchants bearing the applicable service charge. The merchant service charge has been pegged at 0.5 percent of transaction value, capped at N10,000.
For electronic transfers, transactions of N5,000 and below remain free, while transfers between N5,000 and N50,000 will attract a N10 charge, and those above N50,000 will cost N50.
The CBN also noted that customers may still be charged for SMS alerts on transactions, but only on a cost-recovery basis, while email alerts will remain free.
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On ATM withdrawals, customers using other banks’ machines will pay N100 per N20,000 withdrawal at on-site locations. Off-site ATMs may attract an additional surcharge of up to N500, depending on disclosure at the point of transaction.
The regulator added that current account maintenance fees will be gradually phased out, with a cap of N0.5 per mille in 2026 before being reduced to zero by 2027.
It further directed financial institutions to clearly inform customers when charges are negotiable and ensure transparency at the point of transaction.
The CBN said the revised framework is part of ongoing efforts to strengthen consumer protection, standardise banking fees, and ensure fairness across Nigeria’s financial system.