The Central Bank of Nigeria (CBN) has increased the fee for the issuance or replacement of ATM cards from ₦1,000 to ₦1,500, with effect from May 1, 2026.
The adjustment is contained in a revised Guide to Charges by Banks and Other Financial Institutions released by the apex bank on Thursday, as part of efforts to standardise and improve transparency in the financial system.
According to the CBN, the new fee applies to standard ATM cards issued by all regulated institutions, including commercial banks, microfinance banks, payment service banks, and mobile money operators.
The regulator, however, clarified that no maintenance fee will be charged on naira-denominated debit or credit cards, while virtual cards will continue to be issued at no cost.
“The Guide aims to enhance flexibility, standardisation, transparency and competition in the Nigerian financial system,” the CBN stated.
Under the revised framework, point-of-sale (POS) payments by customers will remain free, with the merchant bearing a service charge of 0.5 per cent per transaction, capped at ₦10,000.
The CBN also retained provisions allowing banks to charge for SMS transaction alerts strictly on a cost-recovery basis, while mandating that email alerts be provided free of charge.
For electronic transfers, transactions of ₦5,000 and below will remain free, while transfers between ₦5,000 and ₦50,000 will attract a ₦10 fee, and those above ₦50,000 will cost ₦50.
On ATM withdrawals, customers using another bank’s ATM will be charged ₦100 for every ₦20,000 withdrawn at on-site machines, while off-site ATMs may attract an additional surcharge of up to ₦500 per transaction, subject to disclosure.
The CBN further stated that current account maintenance charges will be capped at 0.5 per mille in 2026, with a phased reduction to zero by 2027.
It added that account reactivation and certain routine services will remain free, while any new charges or services not listed in the guide must receive prior approval from the apex bank.
The revised guidelines replace the previous version issued in January 2020 and form part of broader reforms aimed at strengthening consumer protection and ensuring fairness in banking charges across the country.
