CBN Hikes ATM Card Fee to N1,500, Abolishes Monthly Maintenance Charges
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James Emejo in Abuja
The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards by 50 per cent, raising the fee to N1,500 from the previous N1,000.
At the same time, the apex bank has scrapped the N50 monthly maintenance charge on naira-denominated debit and credit cards, a fee that previously included a 7.5 per cent Value Added Tax (VAT).
The new directives were outlined in the CBN’s exposure draft of the Guid
The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards by 50 per cent, raising the fee to N1,500 from the previous N1,000.
At the same time, the apex bank has scrapped the N50 monthly maintenance charge on naira-denominated debit and credit cards, a fee that previously included a 7.5 per cent Value Added Tax (VAT).
The new directives were outlined in the CBN’s exposure draft of the Guid
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