The Central Bank of Nigeria (CBN) has raised the fee for issuing or replacing debit and credit cards from N1,000 to N1,500, while scrapping maintenance charges on naira-denominated cards.
Gatekeepers News reports that the revised charge, contained in a circular issued Thursday titled Guide to Charges by Banks and Other Financial Institutions, will take effect from May 1 and applies to standard ATM cards issued by banks and other regulated institutions nationwide.
The apex bank, however, said virtual cards will remain free.
According to the CBN, the updated guide replaces the January 2020 framework and applies to all institutions under its regulation, including commercial banks, microfinance banks, payment service banks and mobile money operators.
It said the review followed consultations with stakeholders and is aimed at improving transparency and uniformity in charges across the financial system.
“The Guide aims to enhance flexibility, standardisation, transparency and competition in the Nigerian financial system,” the CBN said.
Under the revised charges, point-of-sale (POS) payments by customers will remain free, with merchants continuing to bear the merchant service charge.
The CBN fixed the merchant service charge at 0.5 percent of transaction value, subject to a maximum of N10,000, irrespective of the payment channel used.
On transaction notifications, the regulator said banks may continue to charge for mandatory SMS alerts initiated by customers, but only on a cost-recovery basis, while email alerts must remain free.
The apex bank also retained account maintenance charges for current accounts, saying the fee remains negotiable within a capped rate and will be phased out.
Under the framework, the current account maintenance fee will be limited to “N0.5 per mille in 2026” before being reduced to zero in 2027.
For ATM withdrawals, the CBN said customers using another bank’s ATM will pay N100 for every N20,000 withdrawn at on-site ATMs, while off-site ATMs may attract an extra surcharge of up to N500 per transaction, subject to disclosure at the point of withdrawal.
Electronic transfer charges remain unchanged, with transfers of N5,000 and below remaining free. Transfers above N5,000 but below N50,000 will attract N10, while those above N50,000 will cost N50.
The regulator also reiterated consumer protection safeguards.
“In line with the provisions of the extant Consumer Protection Regulations, financial institutions shall apply non-credit related charges on an account only to the extent of the balance in the account and defer any outstanding charge until the account is funded,” the document reads.
The CBN also directed financial institutions to notify customers whenever charges are open to negotiation.
“Where a charge is stipulated as ‘negotiable’, financial institutions are required to draw the attention of customers to their rights to negotiate at the beginning of the transactions and subsequently, if the need arises,” the CBN said.
It added that account reactivation and some routine account services will remain free, while any new fee, product or service not captured in the guide must receive prior written approval from the central bank.
According to the regulator, the revised framework is part of broader efforts to strengthen consumer protection, standardise banking practices and ensure fairness in the pricing of financial services nationwide.
