Bank customers in Nigeria will pay N1,500 for Automated Teller Machines (ATM) debit card issuance and replacement from May 1, 2026, representing a 50 percent increase from the N1,000 charged since the last review in 2020.
The new charge is contained in the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026, released by the Central Bank of Nigeria (CBN).
The draft followed a circular issued to banks, other financial institutions and the public, dated April 21, 2026, and signed by Rita I. Sike, director, Financial Policy and Regulation Department.
Under the revised guide, issuance and replacement of regular or basic debit and credit cards will attract a N1,500 fee, while charges for premium debit, credit or hybrid cards will be negotiable.
In the 2020 guide, debit card charges were fixed at N1,000 as a one-off fee for issuance, replacement of lost or damaged cards, and renewal upon expiry, applicable across all card types.
The CBN said the review is part of its mandate to promote a safe and sound financial system, accelerate the adoption of innovative financial services, and enhance financial inclusion, particularly in micropayments and transactions.
According to the regulator, the revised guide expands the range of financial services, encourages innovation, strengthens oversight and accountability, and promotes financial inclusion through lower tariffs for micropayments. It also updates certain banking charges to support increased use of electronic channels and accommodate new industry participants since the 2020 version.
The apex bank said the draft has been exposed to the public for comments and input on the proposed fees, with submissions expected via [email protected] on or before May 08, 2026.
The guide provides a framework for the application of charges, including fees and rates, on products and services offered by financial institutions in Nigeria. It applies to all institutions licensed or regulated by the Central Bank of Nigeria.
The charges, according to the regulator, were developed following extensive consultations with stakeholders and are aimed at enhancing flexibility, standardisation, transparency and competition in the financial system.
It added that where charges are designated as negotiable, financial institutions must inform customers of their right to negotiate at the start of transactions and reach mutual agreement on applicable fees through verifiable means. Where limits are specified, charges must not exceed the prescribed maximum or fall below the minimum.
The apex bank noted that the guide is not exhaustive and that financial institutions must seek prior approval before introducing new products, services or charges not covered.
The framework applies to a wide range of institutions, including commercial banks, merchant banks, payment service banks, non-interest banks, microfinance banks, finance companies, primary mortgage banks, development finance institutions, credit guarantee companies, mobile money operators, and other institutions designated by the regulator.
In line with existing consumer protection regulations, the apex bank said non-credit charges can only be applied to the extent of the available account balance, with any outstanding fees deferred until the account is funded. Such deferred charges will not attract interest.
The guide is to be read alongside the relevant guidance notes and glossary provisions and will supersede the 2020 version when it takes effect on May 1, 2026.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
