By By Elizabeth Ugbo
The Central Bank of Nigeria (CBN) has increased debit and credit card issuance fees to N1,500, effective May 1, 2026. The policy applies nationwide to all regulated financial institutions. It aims to standardise charges, enhance transparency, and strengthen consumer protection. The directive was announced in a new charges guide released on Thursday.
New Bank Charges Take Effect May 2026
The revised framework introduces updated transaction fees across Nigeria’s banking system.
Electronic transfers of N5,000 and below remain free. Transfers between N5,000 and N50,000 now cost N10. Meanwhile, transfers above N50,000 attract a N50 fee.
In addition, the CBN stressed that banks must only deduct charges from available balances. Any unpaid charges must be deferred until the account is funded.
Customer Rights and Transparency Rules
The apex bank requires financial institutions to inform customers when charges are negotiable.
Banks must clearly notify customers at the start of transactions. They must also remind them whenever negotiation becomes necessary.
This rule strengthens transparency and improves customer awareness.
Free Banking Services Retained
The new guideline keeps several services free.
- Account reactivation remains free
- Routine account services attract no charges
- Email transaction alerts must be free
However, SMS alerts may still attract fees. These charges must reflect actual service costs.
Current Account Maintenance Charges to End
The CBN introduced a phased reduction for current account maintenance fees.
Banks will charge a maximum of N0.5 per mille in 2026. By 2027, the charge will be completely removed.
This move aims to reduce banking costs for customers.
ATM Withdrawal Charges Explained
Customers using another bank’s ATM will pay N100 per N20,000 withdrawal at on-site machines.
Off-site ATMs may attract an extra surcharge of up to N500. However, banks must disclose this fee before transactions.
POS Transactions Remain Free for Customers
Customers will not pay for point-of-sale (POS) transactions.
Instead, merchants will bear the service charge. The fee is set at 0.5% of transaction value. However, it cannot exceed N10,000 per transaction.
Debit Card Fees Increased
The CBN raised the cost of issuing or replacing debit and credit cards from N1,000 to N1,500.
However, no maintenance fee will apply to naira-denominated cards. Virtual cards will also remain free.
Broader Goals of the New Policy
The updated guide replaces the January 2020 version. It applies to:
- Commercial banks
- Microfinance banks
- Payment service banks
- Mobile money operators
The CBN said the framework promotes fairness, competition, and standardization across the financial system.
