CBN Increases ATM Card Issuance Fee To N1,500, Scraps Maintenance Charge

The Central Bank of Nigeria (CBN) has increased the cost of getting or replacing debit and credit cards from N1,000 to N1,500.

This change is part of a new guide on bank charges released on Thursday, April 23, 2026.

According to the circular, the new fee will take effect from May 1 and applies to regular ATM cards issued by banks and other financial institutions across the country.

The CBN said customers will no longer pay maintenance fees on naira debit or credit cards, while virtual cards will continue to be free.

The updated guide replaces the previous one issued in January 2020 and covers all institutions under the CBN’s supervision, including commercial banks, microfinance banks, payment service banks, and mobile money operators.

The bank explained that the revision followed discussions with industry stakeholders, with the aim of improving transparency and making charges more consistent across the financial system.

“The Guide aims to enhance flexibility, standardisation, transparency and competition in the Nigerian financial system,” the apex bank said.

Under the new rules, customers will not be charged for payments made through point-of-sale (POS) terminals.

However, businesses receiving the payment will pay a merchant service fee of 0.5 percent per transaction, with a maximum charge of N10,000.

For transaction alerts, customers may still pay for SMS notifications, but only at actual cost. However, email alerts must be provided at no charge.

Under the framework, the CBN said the current account maintenance fee will be limited to “N0.5 per mille in 2026”, before being reduced to zero by 2027.

Customers who use another bank’s ATM will pay N100 for every N20,000 withdrawn at on-site machines.

Off-site ATMs may attract an extra charge of up to N500 per transaction, which must be clearly disclosed before the withdrawal.

Electronic transfers of N5,000 and below will remain free. Transfers between N5,000 and N50,000 will cost N10, while transactions above N50,000 will attract a N50 fee.

“In line with the provisions of the extant Consumer Protection Regulations, financial institutions shall apply non-credit related charges on an account only to the extent of the balance in the account and defer any outstanding charge until the account is funded,” the document reads.

In addition, banks are required to inform customers whenever a charge can be negotiated and make them aware of that option at the start of a transaction.

“Where a charge is stipulated as ‘negotiable’, financial institutions are required to draw the attention of customers to their rights to negotiate at the beginning of the transactions and subsequently, if the need arises,” the CBN said.

The CBN also made it clear that any new charges or services not listed in the guide must be approved in writing before being introduced.

Tge regulator said the new framework is part of efforts to protect customers, ensure fair pricing, and bring more clarity to banking charges across Nigeria.

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