Nigerians may soon pay more to obtain or replace ATM cards following a fresh review of banking charges by the Central Bank of Nigeria, which has increased the fee from N1,000 to N1,500.
The 50 percent increase is contained in the apex bank’s draft guide on charges for banks and other financial institutions for 2026, a move the regulator says is part of broader efforts to strengthen the financial system, support digital payments and improve financial inclusion.
While the higher ATM card charge is likely to draw customer reactions, the new framework also offers some relief. The Central Bank has scrapped the N50 monthly maintenance charge previously deducted from naira debit and credit cards, ending a fee many customers had long complained about.
However, users of foreign currency debit and credit cards will still be required to pay an annual maintenance charge of $10 under the revised structure.
Beyond card-related charges, the new guidelines also reaffirm that customers will not be charged for payments made through Point of Sale terminals.
Instead, merchants will bear the transaction cost through a merchant service charge of 0.5 percent of the transaction value, capped at N10,000, regardless of payment channel.
The CBN said the changes are designed to encourage electronic transactions while allowing room for greater innovation in the financial services sector.
Analysts say the increase in ATM card issuance fees reflects rising operational costs across the banking sector, though some customers may question the timing given current economic pressures.
The removal of card maintenance charges, however, may be viewed as a balancing measure, potentially offsetting some concerns over the higher card replacement costs.
The draft guide is part of a broader regulatory effort by the apex bank to modernize banking charges and align them with evolving payment trends, especially as digi.
