CBN increase ATM fee as the Central Bank of Nigeria raises the cost of issuing and replacing ATM debit cards by 50 percent to N1,500 under its revised banking charges framework. The adjustment forms part of a wider update to banking service fees affecting customers and financial institutions nationwide, with the CBN increase ATM fee reflecting changes in operational cost structures within the sector.
The Central Bank of Nigeria periodically reviews banking charges to reflect changes in operating costs, payment system structures, and financial policy objectives. These reviews are contained in the Guide to Charges by Banks and Other Financial Institutions, which sets the framework for fees charged by commercial banks.
Previous structures set lower fees for ATM card issuance and replacement, while also applying monthly maintenance charges on certain card types. The latest review reflects adjustments intended to align charges with current economic and operational realities in the financial sector. The CBN increase ATM fee comes alongside broader reforms aimed at improving transparency and standardisation in banking service pricing.
According to the updated exposure draft of the Guide to Charges, the Central Bank of Nigeria increased ATM card issuance and replacement fees from N1,000 to N1,500, representing a 50 percent rise.
The document also shows that the regulator removed the N50 monthly maintenance fee previously applied to Naira debit and credit cards, while retaining a $10 annual maintenance charge for foreign currency cards. The CBN increase ATM fee applies to both issuance and replacement of standard debit and credit cards across commercial banks operating in Nigeria.
The Central Bank stated that the updated framework is designed to improve transparency, reflect current market conditions, and support the development of digital financial services. It also reaffirmed that POS transaction charges remain the responsibility of merchants, not customers, under existing payment system regulations.
The CBN increase ATM fee is expected to slightly raise costs for customers who request new or replacement cards, particularly frequent users of banking services. However, the removal of monthly maintenance fees on local currency cards may reduce recurring charges for many account holders, partially balancing the impact of the increase.
For banks, the revised structure provides updated guidelines for implementing service charges, while reinforcing regulatory oversight on pricing transparency. The changes may also encourage increased use of digital payment platforms as customers adapt to revised fee structures.
