CBN Hikes ATM Card Fee to ₦1,500, Scraps Maintenance Charges
New charge applies to issuance, replacement, and renewal of debit cards amid rising banking costs
The Central Bank of Nigeria has approved an upward review of ATM card issuance charges, increasing the fee by 50% from ₦1,000 to ₦1,500. The new directive applies to all debit card services, including new card issuance, card replacement, and card renewal across commercial banks in Nigeria.
According to the circular guiding the adjustment, the apex bank said the decision was taken as part of a broader review of banking service charges in response to rising operational costs in the financial sector. These costs include expenses related to technology infrastructure, card production, security systems, and general service delivery across banking networks.
The policy change also indicates the removal of certain maintenance-related charges previously associated with ATM card management, as regulators seek to streamline fee structures while adjusting to current economic conditions. However, the immediate impact remains an increase in upfront costs for customers accessing debit card services.
With the new directive, banks are expected to comply immediately, meaning customers requesting new ATM cards or replacements will begin paying the revised ₦1,500 fee without delay. The adjustment comes at a time when financial institutions are under pressure to balance rising operational expenses with customer affordability concerns.
Industry observers note that the increase adds to the growing list of banking service charges faced by consumers, many of whom are already dealing with broader inflationary pressures in the economy. The change is expected to affect both urban and rural bank customers who frequently replace lost or expired debit cards.
While the Central Bank maintains that the review is necessary to reflect current cost realities in the financial system, the development is likely to spark further debate around the affordability of banking services in Nigeria, particularly as households continue to grapple with rising living costs.
The revised fee structure forms part of ongoing reforms by the apex bank aimed at ensuring sustainability in banking operations while aligning charges with prevailing economic conditions.
