04/05/2026
CBN SCRAPS CARD MAINTENANCE FEES, MAKES EMAIL ALERTS FREE AS NEW BANKING CHARGES TAKE EFFECT
In a major relief for millions of Nigerian banking customers, the Central Bank of Nigeria (CBN) has scrapped maintenance fees on naira-denominated debit and credit cards with effect from May 1, 2026.
The new directive, contained in the revised "Guide to Charges by Banks and Other Financial Institutions", is part of efforts to reduce the cost of banking, enhance transparency, and promote fair competition in the financial sector.
Key Changes Announced by the CBN
- Card Maintenance Fees Abolished: Banks can no longer charge customers for maintaining naira debit or credit cards. Virtual cards will also remain completely free.
- Email Alerts Now Free: Customers will no longer pay for transaction alerts sent via email.
- Card Issuance/Replacement Fee Increased: The cost of issuing or replacing a debit/credit card has been raised from ₦1,000 to ₦1,500.
- Current Account Maintenance Fees to End by 2027: While still applicable in 2026 at a capped rate of ₦0.5 per mille, these fees will be completely phased out by January 2027.
Other Notable Updates in the New Framework
- POS Transactions: Payments made by customers via Point-of-Sale (POS) terminals remain free. Merchants will bear a Merchant Service Charge of 0.5% of the transaction value, capped at a maximum of ₦10,000.
- Electronic Transfers:
- Transfers of ₦5,000 and below: Free
- Transfers between ₦5,001 and ₦50,000: ₦10
- Transfers above ₦50,000: ₦50
- ATM Withdrawals (Other Bank’s ATM):
- ₦100 per ₦20,000 withdrawn at on-site ATMs.
- Off-site ATMs may attract an additional surcharge of up to ₦500, with prior customer notification required.
- Routine Services Remain Free: Account reactivation and several other basic banking services will continue to attract no charges.
The CBN emphasized that any new fee, product, or service not listed in the official guide must receive written approval from the apex bank before implementation. Banks have also been directed to clearly disclose when any charge is negotiable.
According to the CBN, the updated framework — which replaces the January 2020 version — aims to bring more flexibility, standardization, transparency, and healthy competition into Nigeria’s banking industry while strengthening consumer protection.
Governor Olayemi Cardoso-led CBN believes these changes will ease the financial burden on individuals and businesses, particularly as the country continues to push for greater financial inclusion.
In a related development, the CBN has warned Nigerians to be vigilant against fraudsters sending fake messages, emails, and alerts that falsely claim to be from the apex bank. The public is advised to always verify information directly through official CBN channels.
Millions of Nigerians using debit cards will save money monthly starting this month. However, customers are encouraged to check with their banks to fully understand how the new charges affect their specific accounts and transaction habits.
This development is expected to improve customer satisfaction and confidence in the banking system.