CBN raises ATM card fee to N1,500, scraps maintenance charges

The Central Bank of Nigeria, CBN, has raised the outgo of issuing and replacing Automated Teller Machine, ATM, debit and recognition cards by 50 per cent, expanding the interest from N1,000 to N1,500.

At the aforesaid time, the apex slope has eliminated the monthly attraction complaint of N50 connected naira-denominated debit and recognition cards, which antecedently included 7.5 per cent Value Added Tax.

However, it stated that holders of overseas currency-denominated cards volition proceed to wage an yearly attraction interest of $10.

The changes were outlined successful the CBN’s vulnerability draught of the “Guide to Charges by Banks and Other Financial Institutions, OFIs, successful Nigeria 2026.”

The slope besides reiterated that charges associated with Point of Sale, PoS, transactions would beryllium borne by merchants, not customers.

According to the document, “ATM paper issuance/replacement charges for regular/basic debit/credit paper is N1,500. Charges for Premium Debit/Credit/Hybrid Card are negotiable. Virtual cards astatine nary charge.”

It further stated that, “Merchant Service Charge (MSC) (charge to beryllium borne by the merchant). There shall beryllium nary complaint to the cardholder paying...