The Central Bank of Nigeria (CBN) has increased the fee for ATM card issuance or replacement from N1,000 to N1,500, effective May 1, 2026. According to a revised Guide to Charges released on Thursday, the new fee applies to standard ATM cards issued by commercial banks, microfinance banks, payment service banks, and mobile money operators. The CBN stated that no maintenance fee will be charged on naira-denominated debit or credit cards, while virtual cards remain free. The revised guidelines replace the January 2020 version.
Key Points
- Bank customers face a 50% increase in card issuance costs starting next month.
- Virtual cards remain free, encouraging digital adoption over physical cards.
- POS payments by customers stay free, with merchants bearing a 0.5% service charge.
- Current account maintenance fees will phase down to zero by 2027.
- Off-site ATM withdrawals may attract surcharges up to N500 per transaction.
Watch whether banks pass additional off-site ATM surcharges to customers and how the phase-out of maintenance fees by 2027 unfolds.
Sources: Tribune Online
