CBN increases ATM card issuance fee by 50% to N1,500

The CBN has increased ATM card issuance fees to ₦1,500 while simultaneously abolishing monthly maintenance charges for Naira debit cards to encourage electronic banking.

The Central Bank of Nigeria (CBN) has announced a 50 percent increase in the fee for the issuance and replacement of regular debit and credit cards, raising the cost from ₦1,000 to ₦1,500. This update was revealed in the apex bank’s “Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions 2026.” While physical card costs are rising, the CBN confirmed that virtual cards will remain free of charge, signaling a push toward more digital-first banking solutions.

In a move to provide some relief to account holders, the CBN has officially scrapped the ₦50 monthly maintenance fee previously charged on Naira-denominated cards. However, this waiver does not apply to foreign currency-denominated cards, which will continue to attract an annual maintenance fee of $10. The apex bank also reiterated that customers should not be charged for Point of Sale (PoS) transactions, emphasizing that the Merchant Service Charge (MSC) must be borne entirely by the business owner.

According to Dr. Rita Sike, Director of the Financial Policy and Regulation Department, the review aims to modernize the financial system and accelerate financial inclusion. By adjusting tariffs and encouraging the adoption of electronic channels, the CBN hopes to foster a more innovative and accountable banking environment. The new guidelines reflect the first major overhaul of banking service charges since 2020, accommodating new industry participants and the shift toward micro-payments.

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