CBN Increases ATM Card Fees to N1,500, Removes Monthly Maintenance Charge

The Central Bank of Nigeria has increased ATM card fees to N1,500, marking a 50 percent rise from the previous N1,000 charge, while simultaneously scrapping the monthly maintenance fee on naira-denominated cards. 

The new policy, contained in the apex bank’s exposure draft of the 2026 Guide to Charges by Banks and Other Financial Institutions, introduces a revised fee structure aimed at strengthening Nigeria’s financial system and encouraging digital payments. 

Under the updated framework, the cost of issuing or replacing Automated Teller Machine debit and credit cards has been set at N1,500. However, the CBN removed the N50 monthly maintenance charge that was previously applied to naira cards, a move expected to ease the financial burden on bank customers over time. 

Despite this relief, the bank clarified that holders of foreign currency-denominated cards will still be required to pay an annual maintenance fee of $10. The CBN also maintained that ATM cardholders will not be charged for transactions carried out at merchant Point of Sale terminals. 

Instead, merchants will bear the cost, with the Merchant Service Charge fixed at 0.5 percent per transaction, subject to a maximum cap of N10,000 regardless of the payment channel used. In addition, the policy provides flexibility for premium and hybrid cards, whose fees will be determined by negotiation between banks and customers, while virtual cards will be issued at no cost. 

According to a circular signed by Rita Sike, Director of the Financial Policy and Regulation Department, the revised ATM card fees and related policies are part of broader reforms designed to enhance innovation, expand financial services, and improve regulatory oversight within the banking sector. 

The apex bank noted that the changes also aim to promote financial inclusion by lowering barriers to electronic transactions, particularly for small-value payments, while accommodating the rapid growth of fintech solutions and new players in the financial ecosystem. 

The new fee structure reflects ongoing efforts by the CBN to modernize Nigeria’s payment system, making it more efficient, accessible, and aligned with global best practices.