These modifications were outlined in the recently published draft document titled "Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026." The regulatory body emphasized that merchants will now be responsible for covering the costs associated with point-of-sale transactions, relieving customers of these expenses. According to the updated policy, financial institutions will charge 1,500 naira for issuing or replacing basic debit and credit cards, while fees for premium card varieties remain open to negotiation. Notably, virtual card services will be provided without any charges to customers.
The revised framework clearly states that all card transactions conducted at merchant locations will be free for customers, with merchants absorbing the associated costs. A standardized merchant service charge of 0.5% will apply to all transactions, capped at a maximum of 10,000 naira, regardless of the payment technology or method employed. This uniform approach aims to create consistency across various transaction platforms.
Dr. Rita Sike, Director of the Financial Policy and Regulation Department at the Central Bank, communicated these changes through an official circular addressed to banks, financial institutions, and the general public. The document explains that these revisions form part of the bank's ongoing efforts to maintain financial system stability while fostering the adoption of innovative payment solutions. The updated guidelines seek to expand access to financial services, stimulate product innovation, enhance regulatory oversight, and promote greater financial inclusion through reduced fees for small transactions.
The 2026 edition of the guide introduces several modifications to banking service charges designed to incentivize electronic payment usage and accommodate new market participants that have emerged since the last major revision in 2020. These changes reflect the Central Bank's commitment to creating a more inclusive and technologically advanced financial ecosystem while ensuring that the costs of digital transactions are distributed more equitably between merchants and consumers. The policy adjustments are expected to have far-reaching implications for Nigeria's payment landscape, potentially influencing consumer behavior and merchant operations across various sectors of the economy.
