The Central Bank of Nigeria (CBN) has mandated commercial and merchant banks to increased the fee for issuance and replacement of Automated Terminal Machine (ATM) debit/ credit cards by 50 percent to N1,500 from N1,000.
The apex bank gave the directive on Thursday in a circular to Banks, Other Financial Institutions and the Public signed by the Director Financial Policy and Regulation Department, CBN, Dr. Rita Sike.
CBN also scrapped the N50 monthly charges for Naira Debit/ Credit Card maintenance which usually includes 7.5 percent Value Added Tax but said customers with Foreign Currency denominated debit/credit cards will continue to pay maintenance fee of $10 per annum.
CBN in its Exposure draft of the Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026, also reiterated among other things that the cost of ATM transactions on Merchants PoS will be borne by the Merchant and not the customers.
The apex bank emphasised that the review of the guide to charges by banks and OFIs and non- bank Financial Institutions was to fulfill its mandate to promote a safe and sound financial system in Nigeria, accelerate the adoption of innovative financial services, financial inclusion and micropayments/transaction.
