Central Bank of Nigeria (CBN) has said that the cost of issuing or replacing a standard debit or credit card will rise by 50 percent to about N1,500, up from about N1,000.

The new charge is contained in the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026, released by the Central Bank of Nigeria.

The draft followed a circular issued to banks, other financial institutions and the public, dated April 21, 2026, and signed by Rita I. Sike, director, Financial Policy and Regulation Department.

Under the revised guide, issuance and replacement of regular or basic debit and credit cards will attract a N1,500 fee, while charges for premium debit, credit or hybrid cards will be negotiable.

In the 2020 guide, debit card charges were fixed at N1,000 as a one-off fee for issuance, replacement of lost or damaged cards, and renewal upon expiry, applicable across all card types.

The CBN said the review is part of its mandate to promote a safe and sound financial system, accelerate the adoption of innovative financial services, and enhance financial inclusion, particularly in micropayments and transactions.

According to the regulator, the revised guide expands the range of financial services, encourages innovation, strengthens oversight and accountability, and promotes financial inclusion through lower tariffs for micropayments. It also updates certain banking charges to support increased use of electronic channels and accommodate new industry participants since the 2020 version.

The apex bank said the draft has been exposed to the public for comments and input on the proposed fees, with submissions expected via [email protected] on or before May 08, 2026.

The guide provides a framework for the application of charges, including fees and rates, on products and services offered by financial institutions in Nigeria. It applies to all institutions licensed or regulated by the Central Bank of Nigeria.

The charges, according to the regulator, were developed following extensive consultations with stakeholders and are aimed at enhancing flexibility, standardisation, transparency and competition in the financial system.

It added that where charges are designated as negotiable, financial institutions must inform customers of their right to negotiate at the start of transactions and reach mutual agreement on applicable fees through verifiable means.

Where limits are specified, charges must not exceed the prescribed maximum or fall below the minimum.

The apex bank noted that the guide is not exhaustive and that financial institutions must seek prior approval before introducing new products, services or charges not covered.

The framework applies to a wide range of institutions, including commercial banks, merchant banks, payment service banks, non-interest banks, microfinance banks, finance companies, primary mortgage banks, development finance institutions, credit guarantee companies, mobile money operators, and other institutions designated by the regulator.

In line with existing consumer protection regulations, the apex bank said non-credit charges can only be applied to the extent of the available account balance, with any outstanding fees deferred until the account is funded. Such deferred charges will not attract interest.

The guide is to be read alongside the relevant guidance notes and glossary provisions and will supersede the 2020 version when it takes effect on May 1, 2026.

Fidelity Bank Plc has launched a series of high-impact masterclasses in April 2026 to empower Nigerian Small and Medium Enterprises (SMEs) with practical skills for pricing, digital expansion, and international growth.

Fidelity Bank

The initiative aligns with the bank’s drive to boost SME operational efficiency and market access amid Nigeria’s economic challenges.

The flagship session, “Pricing That Works: How to Charge Right and Earn More,” took place on April 10 at the Fidelity SME Hub in Gbagada, Lagos. It drew about 100 entrepreneurs from diverse sectors, offering insights into costing, value-based pricing, pricing psychology, and customer perception to ensure profitable, customer-friendly strategies.

Buoyed by positive feedback, the bank rolled out three more sessions. The second, “Baking Masterclass: From Kitchen to Cashflow,” ran on April 14 and 15, providing hands-on training for bakers and food businesses to enhance product quality and profitability.

Divisional Head, SME Banking, Ugochi Osinigwe, stated: “At Fidelity Bank, we believe that when SMEs succeed, the economy grows. That is why we have curated masterclasses on pricing, product improvement, online sales, and global expansion to equip entrepreneurs with immediate, actionable tools.”

She highlighted the series as part of broader SME support via the Fidelity SME Hub, including advisory services, funding, and nationwide programmes. The bank recently earned the Best Retail and SME Bank Award from Independent Newspapers.

Upcoming events include “Grow Online Sales on a Budget” today, April 24, focusing on low-cost digital strategies for visibility and sales; and “Take Your Business Global: One-on-One Trade Advisory” on April 29, covering export readiness, payments, markets, and compliance.

Fidelity Bank, ranked among Nigeria’s top lenders, serves over 10 million customers via 255 branches, digital platforms, and its UK subsidiary, FidBank UK Limited. It has clinched awards like the 2024 Excellence in Digital Transformation & MSME Banking from BusinessDay BAFI Awards, Most Innovative Mobile Banking App from Global Business Outlook, Best Bank for SMEs from Euromoney, and Export Financing Bank of the Year from BusinessDay BAFI.

What was sold to Nigerians in May 2022 as a clean and powerful takeover is now looking like something far more troubling. When Titan Trust Bank announced it had acquired Union Bank of Nigeria, a 100+ year-old institution, the story was simple: a young bank buying a legacy giant. But fresh documents are now pointing to a shocking twist that raises serious questions about how the deal was actually done.

Titan Trust Bank

According to findings, Titan Trust Bank allegedly secured a $300 million loan from African Export-Import Bank (Afreximbank) to fund the acquisition of Union Bank of Nigeria. On paper, Titan Trust Bank was the borrower. But in reality, the collateral reportedly included shares, treasury bills, and assets belonging to Union Bank itself.

Let that sink in: the bank being acquired was allegedly used to secure the loan that bought it. Titan Trust Bank—linked to Rahul Savara and Cornelius Vink— is believed to have engineered a scheme so bold it’s almost unbelievable. The plan? Have Union Bank allegedly repay the very illegal loan used to purchase it—using depositors’ funds! If allowed to succeed, the outcome is stark: TitanTrust Bank’s shareholders would end up owning one of Nigeria’s oldest banks for free!

Even more alarming is the alleged complicity of Godwin Emefiele, then Governor of the Central Bank of Nigeria (CBN), who is said to have turned a wilful blind eye to a deal that flew in the face of the CBN’s strict rules against using borrowed funds to acquire Nigerian banks.

It is unbelievable that Godwin Emefiele would allow an inconsequential bank like Titan Trust Bank to plunge a legacy and systemically important bank like Union Bank into a huge and needless debt – just to satisfy the greed of the owners of Titan Trust Bank.

The  Afreximbank loan is reportedly structured in a manner that will force Union Bank to keep using its depositors’ funds to repay the unlawful loan.

By the third quarter of 2025, the situation had reportedly worsened. Exchange rate shocks and rising interest costs pushed the total exposure to over ₦500 billion. What started as a $300 million facility ballooned into a massive financial burden.

It gets deeper. An audit later allegedly described the acquisition/loan arrangement as “unethical financial engineering.” The audit allegedly pointed to possible misuse of foreign loans, questionable financial reporting and improper withdrawals from customer funds.

The fallout has already begun. Following leadership changes at the CBN, the board and management of Union Bank were removed in January 2024. That decision is now being contested in court, adding another layer of controversy to an already explosive situation.

Behind the scenes, ownership of Titan Trust Bank also raises eyebrows. The bank, incorporated in 2018, is largely owned by Dubai-based firms linked to powerful business interests, including individuals such as Rahul Savara and Cornelius Vink.

This is no longer just a banking story. It is a test of transparency, regulation and accountability.

If these allegations hold true, then one question refuses to go away: Who really paid for the takeover of Union Bank and at what cost to depositors?