The Central Bank of Nigeria, CBN, has scrapped the N50 monthly charges by commercial banks on the Automated Teller Machine, ATM debit/ credit cards as maintenance cost. But foreign denominated credit/ debt card owners will still be charged a flat rate of $10 per year, the apex bank said.
Also, the Yemi Cardoso-led CBN has increased the issuance and replacement fee for ATM cards to N1,500 from N1000.
The apex bank made this known in its Exposure draft of the Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026.
According to circular signed by the bank’s Director Financial Policy and Regulation Department, Rita Sike, said the review in the charges is part of its efforts to promote innovation and financial inclusion in the nation’s banking system.
: “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,” CBN said
Adding, “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.”
Meanwhile, analysts insist that has not in anyway helped the customers, saying the CBN used one hand to take away the N50 monthly ATM maintenance fee, while imposing a higher fee of N1, 500 for the collection new ATM or to replace a lost card. Which is which, some customers are asking the CBN Governor?
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