The Central {Bank} of Nigeria has elevated the price for issuance and substitute of Automated Teller Machine debit/bank cards by 50 p.c to N1,500 from N1,000.
The apex {bank} additionally scrapped the N50 month-to-month prices for Naira debit/bank card upkeep, which often contains 7.5 p.c Worth Added Tax, however mentioned clients with overseas currency-denominated debit/bank cards will proceed to pay a upkeep price of $10 every year.
CBN disclosed this in its publicity draft of the Information to Costs by Banks and Different {Financial} Establishments, OFIs, in Nigeria 2026. The apex {bank} additionally reiterated, amongst different issues, that the price of ATM transactions on the service provider’s PoS can be borne by the service provider and never the purchasers.
CBN mentioned, “ATM card issuance/substitute prices for normal/primary debit/bank cards are N1,500. “Costs for premium debit/credit score/hybrid playing cards are negotiable. Digital playing cards are at no cost. “Service provider Service Cost (MSC) (cost to be borne by the service provider). There shall be no cost to the cardholder paying the service provider.
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“All card transactions carried out by cardholders at a service provider location shall be freed from cost to the cardholder, i.e., the MSC shall be borne by the service provider. The MSC payable by a service provider (0.5 p.c) topic to a cap of N10,000 shall be the identical regardless of the know-how or fee strategies.”
In a round to banks, different {financial} establishments, and the general public signed by the director of the {financial} coverage and regulation division, CBN, Dr. Rita Sike, the CBN mentioned that the overview of the information to prices by banks and OFIs and non-bank {financial} establishments was to satisfy its mandate to advertise a protected and sound {financial} system in Nigeria and speed up the adoption of modern {financial} companies, {financial} inclusion, and micropayments/transactions.
“This reviewed Information gives for an elevated vary {of financial} companies, encourages improvement of modern merchandise, strengthens accountability for oversight and accountability, and promotes {financial} inclusion by way of decrease tariffs for micropayments/transactions.
“Moreover, the Information reviewed some prices for banking companies to encourage elevated adoption of digital channels and accommodates new trade members because the issuance of the 2020 Information.”
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