ABUJA NIGERIA— Nigeria’s banking landscape is set for a major shift as the Central Bank of Nigeria (CBN) introduces fresh changes to card and transaction charges under its proposed 2026 financial guidelines.
According to the exposure draft titled Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026, the cost of issuing or replacing ATM, debit, and credit cards has been increased by 50 percent—from ₦1,000 to ₦1,500.
However, in a surprising relief for customers, the apex bank has scrapped the ₦50 monthly maintenance fee previously charged on naira-denominated cards, a charge that also attracted Value Added Tax.
The new framework means Nigerians will pay more upfront for ATM cards but will no longer face recurring monthly deductions on local currency accounts. Foreign currency card users will still pay an annual maintenance fee of $10.
The CBN also clarified that cardholders will not be charged for Point of Sale (PoS) transactions. Instead, merchants will bear the Merchant Service Charge (MSC), fixed at 0.5 percent per transaction, capped at ₦10,000.
“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder,” the draft stated.
The policy document, signed by the Director of Financial Policy and Regulation, Rita Sike, explained that the review is aimed at strengthening Nigeria’s financial system, promoting innovation, and encouraging electronic payments.
It also noted that the updated guide expands financial services, supports financial inclusion, and reflects the entry of new players in the digital financial ecosystem since the last review in 2020.
While still an exposure draft, the proposed changes are already generating strong reactions from Nigerians, especially over rising banking costs and shifting transaction responsibilities between banks, merchants, and customers.
If adopted, the new framework will significantly reshape how Nigerians pay for banking services and everyday digital transactions.
