CBN Releases New ATM Charges; Removes Monthly Fees

The Central Bank of Nigeria (CBN) has announced an increase in the fees associated with the issuance and replacement of Automated Terminal Machine (ATM) debit and credit cards.

The fee will rise by 50%, from ₦1,000 to ₦1,500.

The CBN has eliminated the ₦50 monthly charge for the maintenance of Naira debit and credit cards, which included a 7.5 percent Value Added Tax (VAT).

However, customers with Foreign Currency-denominated debit and credit cards will still be required to pay an annual maintenance fee of $10.

Furthermore, the CBN clarified that the cost of ATM transactions conducted on Merchant Point of Sale (PoS) systems will be the responsibility of the merchants, rather than the customers. These updates were detailed in the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria for 2026, recently released by the central bank.

CBN said: “ATM card Issuance/Replacement charges for regular/basic debit/credit card is N1,500. “Charges for Premium Debit/Credit/Hybrid Card are negotiable Virtual cards at no charge. “Merchant Service Charge (MSC) (charge to be borne by the merchant).

There shall be no charge to the cardholder paying the merchant.

“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder, i.e. the MSC shall be borne by the merchant. The MSC payable by a merchant (0.5 percent) subject to a cap of N10,000 shall be the same irrespective of the technology or payment methods.”

In a circular to Banks, Other Financial Institutions and the Public signed by the CBN Director OF Financial Policy and Regulation Department, Dr. Rita Sike, the apex bank said that the review of the guide to charges by banks and OFIs and non bank Financial Institutions was to fulfill its mandate to promote a safe and sound financial system in Nigeria accelerate the adoption of innovative financial services, financial inclusion and micropayments/transaction.

“This reviewed Guide provides for an increased range of financial services, encourages development of innovative products, strengthens responsibility for oversight and accountability and promotes financial inclusion through lower tariffs for micropayments/transactions.

“Furthermore, the Guide reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodates new industry participants since the issuance of the 2020 Guide,” it added.