The Central Bank of Nigeria (CBN) has increased the fee for issuing or replacing debit and credit cards from N1,000 to N1,500. The upward adjustment is part of a revised guide to bank charges for financial institutions.
In a circular released on Thursday, titled ‘Guide to Charges by Banks and Other Financial Institutions’, the apex bank said the fee, which takes effect from May 1, applies to standard ATM cards issued by banks and other regulated institutions nationwide.
The regulator also said no maintenance fee will be charged on naira-denominated debit or credit cards, noting that virtual cards will remain free. The revised framework replaces the previous guidelines issued in January 2020. It applies to all financial institutions regulated by the CBN, including commercial banks, microfinance banks, payment service banks, and mobile money operators.
The CBN said the new guide was developed following consultations with stakeholders to strengthen transparency and standardisation of charges across the financial system.
“The Guide aims to enhance flexibility, standardisation, transparency and competition in the Nigerian financial system,” the apex bank said. Under the revised schedule, the CBN said point-of-sale (POS) payments made by customers to merchants will remain free, noting that the merchant — not the customer — is required to bear the merchant service charge.
The guide also stipulates that the merchant service charge payable by businesses will be 0.5 percent of the transaction value, subject to a maximum of N10,000, regardless of the payment method used.
On transaction notifications, the CBN said customers may still be charged for mandatory SMS alerts on customer-initiated transactions, but only on a cost-recovery basis, while email alerts must be provided at no cost.
The regulator also retained provisions on account maintenance charges for current accounts, stating that the fee remains negotiable but subject to a capped rate, “with a phased reduction already outlined”.
