Central Bank of Nigeria Increases ATM Card Issuance Fees

The Central Bank of Nigeria increased the fee for issuing and replacing ATM debit and credit cards from 1,000 to 1,500 naira. This change is part of the 2026 Guide to Charges by Banks and Other Financial Institutions, which replaces the 2020 guidelines and takes effect on May 1. The new framework applies to commercial banks, microfinance banks, payment service banks, and mobile money operators.

To balance the fee increase and promote financial inclusion, the regulator abolished the 50 naira monthly maintenance charge on naira-denominated cards and ensured that virtual cards are issued for free. However, holders of foreign currency-denominated cards must still pay an annual maintenance fee of 10 dollars. The guide also mandates that email alerts remain free and SMS notifications be charged only on a cost-recovery basis.

Additionally, the regulator shifted the cost of point-of-sale transactions from customers to merchants. Merchants will now pay a service charge of 0.5 percent of the transaction value, capped at 10,000 naira. The central bank stated that these measures are designed to enhance flexibility, transparency, and competition within the Nigerian financial system while lowering tariffs for micropayments.