The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards by 50 per cent, raising the fee to N1,500 from N1,000.
According to CBN, the adjustment forms part of a wider review of banking charges under the apex bank’s updated Guide to Charges for Banks and Other Financial Institutions.
At the same time, CBN has abolished the N50 monthly maintenance fee previously charged on naira-denominated debit and credit cards.
It stated that the charge had often attracted an additional 7.5 per cent value added tax.
Under the new draft guidelines, however, customers using foreign currency-denominated debit and credit cards will continue to pay an annual maintenance fee of $10.
In the document, the CBN stated: “ATM card issuance/replacement charges for regular/basic debit/credit card is ₦1,500.”
READ ALSO: iPhone Users Warned over Surge in Convincing Fake Apple Emails
The regulator also clarified that fees for premium debit, credit and hybrid cards remain negotiable between banks and customers, while virtual cards will attract no issuance or replacement charges.
In a further move aimed at consumer protection, CBN ruled that cardholders will no longer be charged for ATM transactions conducted at merchant point-of-sale terminals. Instead, such costs will now be borne by merchants.
“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder, i.e. the MSC shall be borne by the merchant,” the guidelines said.
The Merchant Service Charge has been set at 0.5 per cent, capped at N10,000, and will apply uniformly across all payment technologies and transaction methods.
CBN said the revised charges are intended to strengthen financial system stability, improve regulatory oversight and encourage wider adoption of digital payments.
It added that the changes are also designed to promote innovation, deepen financial inclusion and lower the cost of small-value transactions across Nigeria’s banking sector.