The Central Bank of Nigeria (CBN) released the “2026 Guide to Charges by Banks and Other Financial Institutions” this morning, and it’s a classic “give and take” scenario for Nigerian bank customers.
​The CBN is essentially shifting the cost from usage to ownership. The fee for issuing or replacing a regular debit/credit card has jumped from ₦1,000 to ₦1,500 (a 50% increase). The ₦50 monthly maintenance fee (plus 7.5% VAT) for Naira-denominated cards has been completely scrapped.
When you keep your card for more than 10 months without losing it, you actually start saving money compared to the old system.
The new 2026 Guide didn’t stop at ATM cards.
The CBN explicitly reiterated that customers must not be charged for PoS transactions at merchant locations.
The Merchant Service Charge (MSC) of 0.5% (capped at ₦10,000) must be borne entirely by the merchant. If a shop owner asks you for “extra ₦100 for PoS,” they are technically violating the new 2026 guidelines.
​In a major push for the “Cashless 2.0” drive, the CBN has mandated that Virtual Cards must be issued at no charge. If you don’t need a physical piece of plastic to tap at a machine, you don’t have to pay a kobo.
​According to the circular signed by Dr. Rita Sike (Director of Financial Policy and Regulation), the goal is to “encourage the adoption of electronic channels” while accommodating new fintech players that have entered the market since the last major guide in 2020.
