The Central Bank of Nigeria (CBN) has officially approved a 50% increase in the cost of ATM card issuance and replacement, raising the fee from ₦1,000 to ₦1,500.
The new rate, disclosed in the apex bank’s “Guide to Charges by Banks and Other Financial Institutions 2026,” is set to take effect on May 1, 2026.
The “Give and Take” Policy
While the upfront cost for a physical card has jumped, the CBN has introduced several “consumer-friendly” offsets to balance the impact:
- No More Maintenance Fees: The monthly ₦50 ATM card maintenance charge (and its associated VAT) has been completely scrapped for all naira-denominated cards.
- Free POS Transactions: The CBN reiterated that customers must not be charged for using their cards at merchant Point-of-Sale (PoS) terminals. The Merchant Service Charge (MSC) of 0.5% will now be borne entirely by the merchant.
- Virtual Cards remain Free: For those looking to avoid physical card fees altogether, virtual cards will continue to be issued at no cost.
- Tiered Transfer Fees: Electronic transfers of ₦5,000 and below remain free. Transfers between ₦5,000 and ₦50,000 attract a ₦10 charge, while anything above ₦50,000 remains ₦50.
New Withdrawal Rules
The revised guide also clarifies charges for “Other Bank” ATM usage:
- Remote Withdrawals: Withdrawing from another bank’s ATM will now cost ₦100 per ₦20,000 at on-site locations.
- Off-Site Surcharge: Off-site ATMs (those not attached to a bank branch) may attract an additional surcharge of up to ₦500 per transaction, provided this is disclosed to the customer at the point of withdrawal.
