CBN Raises ATM Card Issuance Fee to ₦1,500, Scraps Maintenance Charges

The Central Bank of Nigeria has revised its bank charges framework, increasing the issuance or replacement fee for naira-denominated debit and credit cards from ₦1,000 to ₦1,500. This new rate takes effect from May 1 and applies to all standard ATM cards issued by banks, microfinance banks, payment service banks and mobile money operators nationwide. Under the updated guide, card maintenance fees on naira-denominated cards are fully eliminated. Virtual cards remain free. Point-of-sale transactions will still cost customers nothing, with merchants paying a 0.5% service charge capped at ₦10,000 per transaction. Other changes include negotiable but capped current account maintenance charges, phased out by 2027, and revised ATM withdrawal fees of ₦100 per ₦20,000 at on-site machines plus up to ₦500 extra for off-site usage. Electronic transfers under ₦5,000 stay free, those between ₦5,000 and ₦50,000 now cost ₦10, and amounts above ₦50,000 attract a ₦50 fee. The CBN says these adjustments aim to boost transparency, standardisation and consumer protection across Nigeria’s financial system. Any new charges or products must now receive prior central bank approval.

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