The Central Bank of Nigeria (CBN) has eliminated maintenance fees on naira debit and credit cards (ATM cards), including virtual ones, effective as of May 1, as part of an updated “Guide to Charges by Banks and Other Financial Institutions.” This revision, building on 2020 guidelines, applies to all CBN-regulated entities like commercial banks, microfinance banks, and mobile operators, aiming to boost flexibility, standardization, transparency, and competition.
Key changes include:
- Card issuance/replacement fee raised from N1,000 to N1,500 for standard ATM cards.
- POS payments free for customers; merchants pay 0.5% service charge (capped at N10,000) regardless of method.
- Email alerts free; SMS alerts for customer-initiated transactions allowed on cost-recovery basis only.
- Current account maintenance fees negotiable but capped at N0.5 per mille in 2026, phasing to zero by 2027.
- Interbank ATM withdrawals: N100 per N20,000 at on-site machines (plus up to N500 surcharge at off-site, disclosed upfront).
- Transfers: Free up to N5,000; N10 for N5,001–N50,000; N50 above N50,000.
- Non-credit charges limited to account balance; excess deferred until funded.
- Account reactivation and routine services free; new fees/products need CBN approval.
- Banks must highlight negotiable charges and inform customers of negotiation rights.
These updates prioritize consumer protection, fair pricing, and standardized banking nationwide.
