Central Bank of Nigeria Revises Card Fees
Analysis based on 13 articles · First reported Apr 24, 2026 · Last updated Apr 24, 2026
The Nigeria — Central Bank of Nigeria's new fee structure for ATM cards and Point of sale transactions will directly impact financial institutions and consumers in Nigeria. While increased issuance fees may slightly deter new card adoption, the removal of monthly maintenance charges and merchant-borne PoS fees are expected to encourage electronic transactions and financial inclusion, potentially boosting digital payment platforms.
The Nigeria — Central Bank of Nigeria has announced significant revisions to banking charges, increasing the fee for ATM debit and credit card issuance and replacement by 50% to N1,500. Simultaneously, it has eliminated the N50 monthly maintenance charge on Naira-denominated debit and credit cards. Foreign currency-denominated cards will continue to incur a $10 annual maintenance fee. Additionally, the Nigeria — Central Bank of Nigeria reiterated that Merchant Service Charges for Point of sale transactions will be borne by merchants, not customers, with a cap of N10,000. These changes, outlined in the 'Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026' and signed by Rita Sike, aim to strengthen the financial system, promote innovation, and encourage the adoption of electronic payment channels and financial inclusion in Nigeria.
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