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Abuja, FCT – By Prime Brief Media

The Central Bank of Nigeria has announced the removal of card maintenance charges on naira-denominated debit and credit cards, alongside a reduction in inter-bank transfer fees, as part of a sweeping review of banking charges aimed at easing costs for customers and deepening financial inclusion.

The changes are contained in a revised Guide to Charges by Banks and Other Financial Institutions, which took effect from 1 May 2026, replacing the previous 2020 framework. Under the new regime, electronic transfers of N5,000 and below will attract no charge. Transactions between N5,000 and N50,000 will cost N10, while transfers above N50,000 will attract a N50 fee.

The regulator also eliminated card maintenance fees for naira debit and credit cards, a move expected to provide direct relief to millions of bank customers. However, the cost of issuing or replacing debit and credit cards has been increased from N1,000 to N1,500. Virtual debit cards will be issued free of charge.

The circular, signed by the Director of Financial Policy and Regulation, Rita Sike, stated that the review is part of broader efforts to promote a safe, transparent, and competitive financial system. "The Guide aims to enhance flexibility, standardisation, transparency, and competition in the Nigerian financial system," the apex bank said.

Beyond transfers and card charges, the CBN introduced a cap on bill payments conducted through electronic channels, stating that such transactions should not exceed N100 per transaction. Merchant service charges were fixed at 0.5 per cent of transaction value, subject to a maximum of N10,000 per transaction. For ATM withdrawals, fees for using other banks' machines were pegged at N100 per N20,000 withdrawal at on-site ATMs.

The revised guide also strengthens consumer protection provisions, requiring financial institutions to clearly disclose all applicable charges and inform customers when fees are negotiable. The CBN further directed that non-credit related charges should only be applied to the extent of available account balances.

Prime Brief Media will follow industry reactions and corporate disclosures as this story progresses.

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