CBN Raises ATM Card Issuance Fee to N1,500, Scraps Monthly Maintenance Charge in New 2026 Banking Policy

The Central Bank of Nigeria (CBN) has announced a revision to banking charges, increasing the cost of issuing and replacing ATM debit and credit cards from N1,000 to N1,500. The adjustment is part of a broader update contained in the apex bank’s draft Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026.

In a major relief for customers, the CBN also scrapped the N50 monthly maintenance fee previously charged on naira-denominated debit and credit cards. This fee often included Value Added Tax and was applied across most banking transactions involving local cards.

However, customers using foreign currency cards will still be required to pay an annual maintenance fee of $10. The CBN explained that premium, hybrid, and specialty cards may attract negotiable charges, while virtual cards will remain free of issuance fees.

The new framework also shifts responsibility for Point of Sale (PoS) transaction charges away from customers. Under the revised policy, merchants will now fully bear the Merchant Service Charge (MSC), set at 0.5% of the transaction value, capped at N10,000, meaning cardholders will no longer be directly charged for PoS purchases.

According to the CBN, the policy review is aimed at strengthening Nigeria’s financial system, encouraging digital innovation, and improving financial inclusion. The bank noted that the updated charges are designed to support lower-cost micropayments while promoting accountability and expansion of digital financial services across the country.