The Central Bank of Nigeria has scrapped card maintenance fees, directing banks not to charge any maintenance fee on naira-denominated debit or credit cards, while virtual cards will remain free.
The CBN also increased the fee for the issuance or replacement of debit and credit cards from N1,000 to N1,500.
The upward adjustment according to the apex bank is part of a revised guide to bank charges for financial institutions.
In a circular released titled ‘Guide to Charges by Banks and Other Financial Institutions’, the apex bank said the fee, which takes effect from May 1, applies to standard ATM cards issued by banks and other regulated institutions nationwide.
The revised framework is an upgrade of the previous guidelines issued in January 2020 and applies to all financial institutions regulated by the CBN, including commercial banks, microfinance banks, payment service banks, and mobile money operators.
“The Guide aims to enhance flexibility, standardisation, transparency and competition in the Nigerian financial system,” the apex bank said.
