The Central Bank of Nigeria has increased the fee for issuing or replacing ATM cards from one thousand naira to one thousand five hundred naira. The new charge, announced in a circular on Thursday, will take effect from May 1 and applies to standard debit and credit cards issued by financial institutions nationwide.
Under the revised guide to bank charges, the apex bank also scrapped maintenance fees on naira-denominated debit and credit cards, while virtual cards will remain free. The framework replaces the 2020 guidelines and applies to all regulated institutions, including commercial banks and mobile money operators.
The regulator said point-of-sale payments will remain free for customers, with merchants required to bear a service charge of 0.5 percent per transaction, capped at ten thousand naira. It also confirmed that electronic transfers below five thousand naira will remain free, while higher transfers will attract charges of up to fifty naira.
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The central bank said the revised policy is aimed at improving transparency, standardising charges and strengthening consumer protection across Nigeria’s financial system.
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