The Central Bank of Nigeria (CBN) has unveiled plans to roll out a fresh regulatory framework to streamline debit card issuance and improve Automated Teller Machine (ATM) operations across the banking sector.
CBN Governor, Olayemi Cardoso, disclosed this at an event held at the weekend. Speaking through his Special Adviser, Fatai Karim, he said the move was aimed at addressing persistent cash access challenges and rebuilding public confidence in electronic payment platforms.
According to the apex bank, the proposed policy will require banks to properly align the number of debit cards they issue with the ATMs they deploy nationwide.
The measure, he explained, is expected to reduce congestion at ATM points, frequent machine downtime and uneven cash availability, which have continued to frustrate bank customers.
Karim noted that recurring ATM failures and cash shortages have weakened trust in digital payment channels, despite the rapid growth of electronic transactions in the banking system.
“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.
