CBN Raises ATM Card Issuance Fee to N1,500, Scraps Maintenance Charges in New Banking Guide

The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards by 50 per cent, raising the fee from ₦1,000 to ₦1,500.

The adjustment is part of a broader review of bank charges under the apex bank’s updated regulatory framework for financial institutions. With the new directive, customers will now pay an additional ₦500 whenever they request a new card or replace an existing one.

According to details of the revised guidelines, the ₦1,500 fee applies specifically to regular or basic naira-denominated debit and credit cards, while charges for premium or hybrid cards will be determined by individual banks.

In a move expected to partly offset the increase, the CBN has also scrapped the monthly maintenance charges previously imposed on naira debit and credit cards. This means customers will no longer pay recurring fees for maintaining such cards, although foreign currency-denominated cards will still attract an annual maintenance fee of $10 or its equivalent.

The policy further clarifies that virtual cards will remain free of charge, while merchants—not customers—will bear the cost of transaction fees on Point of Sale (PoS) payments.

The latest adjustment reflects the CBN’s ongoing effort to standardise banking charges, enhance transparency, and align pricing with operational realities in Nigeria’s financial system. It follows earlier revisions to ATM transaction fees, which the bank said were necessary to address rising costs and improve service efficiency across the banking sector.

With the new fee structure, bank customers are likely to experience a mixed impact—higher upfront costs for card issuance, but reduced recurring charges over time.