In new rules outlined in the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026, the Central Bank of Nigeria (CBN) has scrapped the ₦50 monthly maintenance fee on naira-denominated cards. The draft also raises the fee for issuing and replacing ATM cards to ₦1,500, a 50% increase.
Hence, if you're replacing your physical debit card or you want to acquire a new one, a fee of ₦1,500 will be deducted from your bank account. Previously, the card acquisition fee was just ₦1,000. As a benefit, banks will no longer deduct the so-called ‘recurring monthly maintenance fee,’ which previously included a 7.5% Value Added Tax.
However, it’s important to note that these new rules apply only to standard debit and credit ATM cards. Premium and hybrid cardholders can still negotiate fees, while virtual or online cardholders do not have any charges to pay. Meanwhile, if you hold foreign-currency-denominated debit or credit cards, you will only continue to pay the annual maintenance charge of $10, as before.
The apex bank is using this updated guide to bank charges to standardise fees, improve transparency, and enhance consumer protection across the financial system. It also clarified that merchants are responsible for paying 0.5% of the card transaction amount (up to a maximum of ₦10,000), not cardholders (consumers) using point-of-sale (POS) terminals.
The Merchant Service Charge (MSC) rule applies regardless of the payment gateway, technology, or method the merchant is using; you are not eligible to pay any extra fee for using your debit card to make purchases at merchant stores. The changes are meant to reduce monthly burdens on card owners while adjusting one‑time issuance costs to current operating realities and encouraging digital payment usage.
Guide to Charges by Banks, Other Financial and Non‑bank Financial Institutions
- Electronic transfers and ATM withdrawals
- Interbank EFT transfers:
- Transfers below ₦5,000 are capped at ₦10
- ₦5,001 to ₦50,000 are capped at ₦25
- Above ₦50,000 are capped at ₦50
- ATM withdrawals (other banks):
- The fee for using another bank’s ATM after the first few free withdrawals was reduced from ₦65 to ₦35 per transaction
- Interbank EFT transfers:
- Card and account-maintenance fees
- Savings-account card maintenance:
- Reduced from ₦50 per month (₦600 per year) to ₦50 per quarter (₦200 per year)
- Current-account maintenance fee (CAMF):
- Now restricted mainly to current-account transactions to third parties
- Banks cannot freely charge it on savings accounts
- Savings-account card maintenance:
- Account-opening, closure, and documentation
- Account reactivation and closure:
- No charge for reactivation or closure of savings, current, or domiciliary accounts
- Status-enquiry documents:
- Fees for confirmation letters, letters of non-indebtedness, and reference letters are capped at ₦500 per request
- Account reactivation and closure:
- Other cost-reduction measures
- Cash-handling charges:
- Cash deposits above ₦500,000 attract a 2% fee
- Withdrawals above that threshold are charged 3% for individuals
- Advance-payment guarantees (APG):
- Maximum fee is 1% in the first year
- 0.5% in subsequent years
- Cash-handling charges:
