The Central Bank of Nigeria has announced a 50 percent increase in the cost of issuing and replacing ATM debit and credit cards, raising the fee from N1,000 to N1,500.
In a significant shift, the apex bank also removed the N50 monthly maintenance charge previously applied to Naira-denominated debit and credit cards, a fee that typically included Value Added Tax. This means customers using local currency cards will no longer incur routine maintenance deductions. However, the bank maintained that holders of foreign currency-denominated debit or credit cards will continue to pay an annual maintenance fee of $10.
The updated guidelines further provide that virtual cards will be issued at no cost to customers, while fees for premium debit, credit, or hybrid cards will be determined by individual banks, making them negotiable depending on the institution and service level.
In addition, the bank claThe Central Bank of Nigeria has announced a 50 percent increase in the cost of issuing and replacing ATM debit and credit cards, raising the fee from N1,000 to N1,500.
In a significant shift, the apex bank also removed the N50 monthly maintenance charge previously applied to Naira-denominated debit and credit cards, a fee that typically included Value Added Tax. This means customers using local currency cards will no longer incur routine maintenance deductions. However, the bank maintained that holders of foreign currency-denominated debit or credit cards will continue to pay an annual maintenance fee of $10.
The updated guidelines further provide that virtual cards will be issued at no cost to customers, while fees for premium debit, credit, or hybrid cards will be determined by individual banks, making them negotiable depending on the institution and service level.
In addition, the bank clarified that customers will not bear any charges for transactions conducted at merchant Point of Sale terminals. Instead, the Merchant Service Charge will be paid entirely by the merchant. This charge is pegged at 0.5 percent per transaction and is subject to a maximum cap of N10,000, regardless of the payment channel or technology used.
The revised framework forms part of broader efforts by the Central Bank to enhance the efficiency and stability of Nigeria’s financial system. It is also designed to encourage the adoption of electronic payment channels, support the growth of innovative financial products, and accommodate emerging players within the financial services sector.
Furthermore, the policy aims to deepen financial inclusion by making low-value transactions more affordable and accessible, while strengthening regulatory oversight, transparency, and accountability across banks and other financial institutions.
rified that customers will not bear any charges for transactions conducted at merchant Point of Sale terminals. Instead, the Merchant Service Charge will be paid entirely by the merchant. This charge is pegged at 0.5 percent per transaction and is subject to a maximum cap of N10,000, regardless of the payment channel or technology used.
The revised framework forms part of broader efforts by the Central Bank to enhance the efficiency and stability of Nigeria’s financial system. It is also designed to encourage the adoption of electronic payment channels, support the growth of innovative financial products, and accommodate emerging players within the financial services sector.
Furthermore, the policy aims to deepen financial inclusion by making low-value transactions more affordable and accessible, while strengthening regulatory oversight, transparency, and accountability across banks and other financial institutions.
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