THE Central Bank of Nigeria (CBN) has increased the fee for the issuance or replacement of debit and credit cards from N1,000 to N1,500, as part of a revised guide to bank charges for financial institutions.
News Point Nigeria reports that the adjustment was contained in a circular released on Thursday titled “Guide to Charges by Banks and Other Financial Institutions,” with the apex bank stating that the new fee will take effect from May 1 and applies to standard ATM cards issued by banks and other regulated institutions across the country.
Under the updated framework, the regulator clarified that no maintenance fee will be charged on naira-denominated debit or credit cards, while virtual cards will continue to be offered free of charge.
The revised guideline replaces the previous version issued in January 2020 and is applicable to all financial institutions under the CBN’s regulatory purview, including commercial banks, microfinance banks, payment service banks, and mobile money operators.
According to the apex bank, the new guide was developed after consultations with relevant stakeholders, with the aim of strengthening transparency and ensuring uniformity in the application of charges across the financial system.
“The Guide aims to enhance flexibility, standardisation, transparency and competition in the Nigerian financial system,” the CBN stated.
In its provisions, the regulator maintained that point-of-sale (POS) payments made by customers to merchants will remain free, stressing that the responsibility for merchant service charges lies with the merchant and not the customer.
The framework further stipulates that the merchant service charge payable by businesses will be pegged at 0.5 percent of the transaction value, subject to a maximum of N10,000, regardless of the payment channel used.
On transaction alerts, the CBN noted that customers may still incur charges for mandatory SMS notifications on customer-initiated transactions, but strictly on a cost-recovery basis, while email notifications must be provided at no cost.
The regulator also retained provisions on account maintenance charges for current accounts, explaining that such fees remain negotiable but are subject to a capped rate with a phased reduction already outlined.
Under the new structure, current account maintenance charges will be limited to N0.5 per mille in 2026 and will be completely eliminated by 2027.
In addition, customers who withdraw cash from another bank’s ATM will be charged N100 per N20,000 withdrawal at on-site ATMs, while off-site machines may attract an additional surcharge of up to N500 per transaction, subject to disclosure at the point of withdrawal.
The guide also provides that electronic transfers of N5,000 and below will remain free, while transfers between N5,000 and N50,000 will attract a charge of N10, and transfers above N50,000 will cost N50.
“In line with the provisions of the extant Consumer Protection Regulations, financial institutions shall apply non-credit related charges on an account only to the extent of the balance in the account and defer any outstanding charge until the account is funded,” the document stated.
The apex bank further directed financial institutions to notify customers whenever charges are negotiable, emphasising the need for transparency in customer interactions.
“Where a charge is stipulated as ‘negotiable’, financial institutions are required to draw the attention of customers to their rights to negotiate at the beginning of the transactions and subsequently, if the need arises,” the CBN added.
It also clarified that account reactivation and certain routine account services will remain free, noting that any new fee, product, or service not captured in the guide must receive prior written approval from the central bank.
The CBN said the revised framework forms part of broader efforts to strengthen consumer protection, standardise banking operations, and promote fairness in the pricing of financial services across the country.