Nigerians will now pay 500 naira more to get new ATM cards following latest CBN fee increase

• Central Bank of Nigeria increased ATM card fee from ₦1,000 to ₦1,500

• Customers will pay ₦500 more for new and replacement cards

• Monthly ATM card maintenance fee has been scrapped

• POS card payments to remain free for customers

The Central Bank of Nigeria has increased the cost of obtaining an ATM card, meaning Nigerians will now pay an additional ₦500 for new or replacement cards.

Under the revised charges, the fee for ATM card issuance has risen from ₦1,000 to ₦1,500, representing a 50 per cent increase. The new directive forms part of an updated guide to bank charges introduced by the apex bank.

The adjustment applies to customers requesting new debit cards as well as those replacing expired, lost, or damaged cards. Banks across the country are expected to implement the new pricing immediately in line with the regulatory directive.

This latest increase also reflects how ATM card pricing in Nigeria has evolved over time. When ATM cards were first introduced, they were often issued free of charge by banks as incentives to attract new customers and promote the adoption of electronic banking. Over the years, however, banks gradually introduced fees, with charges at one point as low as ₦500 before rising in stages to the current levels.

Despite the increase, the CBN also introduced measures aimed at reducing other banking costs for customers. Notably, the apex bank has scrapped the monthly ATM card maintenance fee previously charged on naira-denominated cards. This move is expected to provide some relief to customers who previously paid recurring charges to keep their cards active.

In addition, the CBN stated that customers will no longer be charged for using their debit cards at point-of-sale (POS) terminals. Instead, the cost burden will be shifted to merchants, a move designed to encourage the use of digital payment channels.

The policy shift comes amid broader efforts by the CBN to promote a cashless economy and expand financial inclusion across the country. By removing certain transaction charges, the regulator aims to make electronic payments more attractive to Nigerians.

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However, the increase in card issuance fees is likely to be felt immediately, especially by new bank customers and those needing replacements. For many Nigerians already dealing with rising living costs, the higher upfront cost may add to financial pressure.

The latest changes reflect a balancing act by the CBN; raising certain charges while eliminating others, as it continues to adjust policies within Nigeria’s evolving financial landscape.