The Central Bank of Nigeria (Central Bank of Nigeria) has released a revised framework on banking charges, scrapping card maintenance fees on naira-denominated debit and credit cards while adjusting several transaction costs across the financial system.
In a circular titled “Guide to Charges by Banks and Other Financial Institutions”, the apex bank directed that customers will no longer be charged maintenance fees on naira cards.
Virtual cards will also remain free of maintenance charges.
However, the cost of issuing or replacing debit and credit cards has been increased from ₦1,000 to ₦1,500.
The adjustment forms part of a broader update to standardise and modernise bank charges across regulated financial institutions.
The revised guidelines, effective May 1, apply to all banks, microfinance banks, payment service banks, and mobile money operators.
According to the CBN, the framework is designed to improve transparency, flexibility, and competition within Nigeria’s financial sector.
Point-of-sale (POS) transactions made by customers will remain free, with the responsibility for charges placed on merchants.
Businesses will pay a merchant service charge of 0.5% per transaction, capped at ₦10,000, regardless of payment method.
For transaction alerts, SMS notifications on customer-initiated transactions may still attract charges on a cost-recovery basis, while email alerts must be provided free of charge.
On ATM withdrawals, customers using another bank’s ATM will pay ₦100 per ₦20,000 withdrawal at on-site locations.
Off-site ATMs may attract an additional surcharge of up to ₦500, subject to full disclosure before transactions are completed.
Electronic transfers remain largely low-cost, with transactions of ₦5,000 and below free of charge.
Transfers between ₦5,000 and ₦50,000 will cost ₦10, while transfers above ₦50,000 will attract a ₦50 fee.
The apex bank also introduced a phased reduction in account maintenance charges for current accounts.
Fees will be capped at ₦0.5 per mille in 2026 before being fully eliminated by 2027.
It further directed financial institutions to clearly inform customers when charges are negotiable and ensure transparency at the point of transaction.
Any new fees or services not captured in the guide will require prior approval from the regulator.
The CBN said the updated framework is part of ongoing reforms to strengthen consumer protection, standardise pricing, and ensure fairness in Nigeria’s financial services sector.