Nigeria Central Bank Raises Card Fee to 1,500 Naira

The Central Bank of Nigeria has raised the fee for issuing or replacing debit and credit cards to 1,500 naira from the previous 1,000 naira, effective May 1, as part of a comprehensive update to banking charges across the country.

The revision, outlined in a new circular titled Guide to Charges by Banks and Other Financial Institutions, applies nationwide to commercial banks, microfinance banks, payment service banks, mobile money operators, and other regulated entities. The central bank stated that the changes aim to promote transparency, standardize fees, enhance competition, and bolster consumer protection in the financial system. The guidelines replace those issued in January 2020 and follow consultations with industry stakeholders.

Under the updated framework, no maintenance fees will apply to naira-denominated debit or credit cards, and virtual cards remain free. Point-of-sale payments for customers are exempt from charges, with merchants responsible for a service fee of 0.5 percent of the transaction value, capped at 10,000 naira, irrespective of the payment method.

Transaction alerts will continue on a cost-recovery basis for mandatory SMS notifications on...