The Central Bank of Nigeria (CBN) has announced a 50 percent increase in the cost of ATM card issuance and replacement, raising the fee to N1,500 for regular debit and credit cards.
The new rate was disclosed in the bank’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) 2026, which outlines revised fees and policies across Nigeria’s financial system.
According to the CBN, premium debit, credit, and hybrid card charges will remain negotiable, while virtual cards will continue to be issued at no cost.
In a move aimed at protecting consumers, the apex bank also clarified that cardholders will no longer bear charges for transactions conducted at merchant Point-of-Sale (PoS) terminals. Instead, the Merchant Service Charge (MSC) will be fully paid by merchants.
“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder,” the CBN stated, adding that the MSC—set at 0.5 percent and capped at N10,000—will apply uniformly regardless of the payment method or technology used.
The directive was communicated in a circular addressed to banks, other financial institutions, and the general public. It was signed by Rita Sike, Director of the Financial Policy and Regulation Department.
The CBN explained that the revised guide is part of its broader mandate to strengthen Nigeria’s financial system, promote innovation, and expand financial inclusion. The update also seeks to encourage the development of new financial products while ensuring greater oversight and accountability across the sector.
Additionally, the regulator noted that the changes are designed to support micropayments and increase access to financial services by maintaining lower transaction costs in key areas.