CBN Increases ATM Issuance/Replacement Fee

The Central Bank of Nigeria (CBN) has announced a 50 per cent increase in the fee to be paid by bank customers for the issuance and replacement of Automated Terminal Machine (ATM) debit/credit cards, from ₦1,000 to ₦1,500.

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The CBN also scrapped the ₦50 monthly charges for Naira Debit/Credit Card maintenance, which usually includes 7.5 percent Value Added Tax (VAT), but said customers with Foreign Currency-denominated debit/credit cards will continue to pay a maintenance fee of $10 per annum.

It also reiterated, among other things, that the cost of ATM transactions on Merchant PoS will be borne by the Merchant and not the customers.

Naija News reports that these developments were contained in the Exposure draft of the Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026, released by the apex bank.

CBN said: “ATM card Issuance/Replacement charges for regular/basic debit/credit card is N1,500. “Charges for Premium Debit/Credit/Hybrid Card are negotiable Virtual cards at no charge. “Merchant Service Charge (MSC) (charge to be borne by the merchant). There shall be no charge to the cardholder paying the merchant.

“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 MSC payable by a merchant (0.5 percent) subject to a cap of N10,000 shall be the same irrespective of the technology or payment methods.”

In a circular to Banks, Other Financial Institutions and the Public signed by the CBN Director OF Financial Policy and Regulation Department, Dr. Rita Sike, the apex bank said that the review of the guide to charges by banks and OFIs and non bank Financial Institutions was to fulfill its mandate to promote a safe and sound financial system in Nigeria accelerate the adoption of innovative financial services, financial inclusion and micropayments/transaction.

“This reviewed Guide provides for an increased range of financial services, encourages development of innovative products, strengthens responsibility for oversight and accountability and promotes financial inclusion through lower tariffs for micropayments/transactions.

“Furthermore, the Guide reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodates new industry participants since the issuance of the 2020 Guide,” it added.