Cbn
CBN raises debit/credit card issuance, replacement fee to N1,500 from May 1
The Central Bank of Nigeria (CBN) has increased the fee for issuing or replacing debit and credit cards from N1,000 to N1,500 as part of a revised guide to bank charges for financial institutions.
This adjustment was disclosed in a circular titled “Guide to Charges by Banks and Other Financial Institutions,” released on Thursday.
The apex bank stated that the new fee takes effect from May 1 and applies to standard ATM cards issued by banks and other regulated institutions nationwide.
Under the updated framework, no maintenance fee will be charged on naira-denominated debit or credit cards, while virtual cards will remain free.
The revised guideline replaces the January 2020 version and applies to all financial institutions under the CBN’s oversight, including commercial banks, microfinance banks, payment service banks, and mobile money operators.
According to the CBN, the new guide was developed after consultations with relevant stakeholders to strengthen transparency and ensure uniformity in the application of charges.
“The Guide aims to enhance flexibility, standardisation, transparency and competition in the Nigerian financial system,” the CBN stated.
The regulator maintained that point-of-sale (POS) payments made by customers to merchants will remain free, stressing that the merchant service charge is the merchant’s responsibility, not the customer’s. The merchant service charge is pegged at 0.5 percent of the transaction value, subject to a maximum of N10,000, regardless of the payment channel.
On transaction alerts, customers may still incur charges for mandatory SMS notifications on customer-initiated transactions, strictly on a cost-recovery basis, while email notifications must be free.
The CBN also retained provisions on account maintenance charges for current accounts, noting that such fees remain negotiable but subject to a capped rate with a phased reduction.
Under the new structure, current account maintenance charges will be limited to N0.5 per mille in 2026 and eliminated entirely by 2027.
For ATM withdrawals from another bank’s machine, customers will be charged N100 per N20,000 withdrawal at on-site ATMs. Off-site machines may attract an additional surcharge of up to N500 per transaction, subject to disclosure at the point of withdrawal.
Electronic transfers of N5,000 and below will remain free; transfers between N5,000 and N50,000 will attract N10; and transfers above N50,000 will cost N50.
“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 circular stated.
The CBN directed financial institutions to notify customers whenever charges are negotiable, emphasising transparency.
“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 added.
Account reactivation and certain routine services will remain free. Any new fee, product, or service not captured in the guide must receive prior written approval from the CBN.
The revised framework is part of broader efforts to strengthen consumer protection, standardise banking operations, and promote fairness in pricing financial services.
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