The Central Bank of Nigeria has removed card maintenance fees on naira-denominated debit and credit cards, stopping banks from charging customers recurring maintenance costs on local cards. Virtual cards will also remain free under the new rule.
At the same time, the apex bank increased the cost of issuing or replacing debit and credit cards from N1,000 to N1,500. The adjustment is part of a wider review of banking charges aimed at updating the 2020 fee framework.
The CBN explained the changes in a circular titled “Guide to Charges by Banks and Other Financial Institutions”, saying the revised structure takes effect from May 1 and applies to all regulated institutions, including commercial banks, microfinance banks, payment service banks, and mobile money operators.
According to the regulator, the new guide is designed to improve transparency and standardise how charges are applied across the financial system, while also encouraging competition among service providers.
Point-of-sale transactions remain free for customers. However, merchants will continue to bear the merchant service charge, set at 0.5 percent of the transaction value, capped at N10,000 per transaction.
On transaction alerts, the CBN said SMS notifications for customer-initiated transactions can still be charged, but only on a cost-recovery basis. Email alerts, however, must be provided free of charge.
The regulator also retained charges on current account maintenance, stating that fees remain negotiable but capped. It added that the charge will be limited to N0.5 per mille in 2026 before being reduced to zero by 2027.
ATM withdrawals from another bank’s machine will attract a N100 charge per N20,000 at on-site locations. Off-site ATMs may carry an additional surcharge of up to N500, depending on the transaction.
Electronic transfers of N5,000 and below remain free. Transfers between N5,000 and N50,000 will attract N10, while transfers above N50,000 will cost N50.
The CBN also directed banks to ensure customers are informed when charges are negotiable, stressing that customers must be told of their right to negotiate before transactions are completed.
It added that account reactivation and certain routine services will remain free, while any new charge or product not covered in the guide must receive prior approval from the apex bank.
The revised framework, the CBN said, is part of ongoing efforts to tighten consumer protection and ensure clearer, more consistent pricing across Nigeria’s banking sector.
