ATM card issuance fee has been increased by the Central Bank of Nigeria, as the apex bank raised the cost by 50 percent to N1,500 from N1,000. The adjustment applies to issuance and replacement of debit and credit cards across financial institutions. The ATM card issuance fee review is part of broader changes to banking charges aimed at improving transparency. The new structure is contained in the 2026 draft guide on bank charges.
The Central Bank of Nigeria periodically reviews banking fees to reflect operational costs and evolving financial systems. These reviews cover electronic transactions, account maintenance, and card services.
ATM services remain a key part of Nigeria’s retail banking system. Millions of customers rely on debit cards for cash withdrawals, payments, and online transactions. Changes in card-related fees therefore affect a wide segment of bank users. The latest revision is part of the 2026 “Guide to Charges by Banks and Other Financial Institutions.” The framework is designed to align banking costs with current market realities and digital adoption trends.
Under the revised policy, the ATM card issuance fee is now fixed at N1,500 for standard debit and credit cards. This represents a 50 percent increase from the previous N1,000 charge.
The Central Bank also scrapped the N50 monthly maintenance fee previously applied to naira debit cards. However, foreign currency cards will continue to attract a $10 annual maintenance fee. According to the draft guidelines, virtual cards will be issued at no charge. Premium cards may attract negotiable fees depending on financial institutions.
The apex bank stated that the revised framework is aimed at strengthening transparency and encouraging efficient service delivery in the banking sector. It also supports financial inclusion and digital payment adoption. The policy document further indicates that merchants will bear transaction charges for point-of-sale payments, not customers, in most cases.
The ATM card issuance fee increase directly affects new customers and those replacing lost or damaged cards. For urban consumers, this adds to routine banking costs already affected by other service charges. For banks, the revised structure may help align service pricing with operational expenses. It also encourages migration toward digital and virtual payment systems.
For small businesses and informal traders, reliance on card-based transactions remains significant. Any increase in banking costs may influence transaction behaviour and payment preferences. From a policy perspective, the adjustment reflects ongoing efforts to modernise Nigeria’s financial system. It also signals a continued shift toward cashless transactions and electronic banking infrastructure.
