The Central Bank of Nigeria (CBN) has unveiled plans to introduce a new regulatory framework aimed at streamlining debit card issuance and enhancing Automated Teller Machine (ATM) operations across the country’s banking sector.
CBN Governor, Olayemi Cardoso, through his Special Adviser, Fatai Karim, made the disclosure over the weekend, noting that the initiative forms part of broader efforts to address persistent cash access challenges and restore public confidence in electronic payment systems.
The apex bank explained that the proposed policy would align the number of debit cards issued by banks with the capacity of their deployed ATMs. The measure is expected to reduce congestion, frequent downtime, and uneven cash availability, particularly in high-traffic locations.
Governor Cardoso observed that despite the rapid growth of digital transactions, recurring ATM failures and cash shortages continue to undermine trust in the country’s electronic payment infrastructure.
“Very soon, the Central Bank will be coming up with another policy to sanitise and improve the situation, particularly around how many cards banks issue relative to the number of ATMs they support,” he said, emphasising the need for a balanced system that meets customer needs without overburdening existing infrastructure.
