The Central Bank of Nigeria (CBN) has announced plans to introduce fresh regulations aimed at improving the efficiency of debit card usage and Automated Teller Machine (ATM) operations across the country.
CBN Governor, Mr. Olayemi Cardoso, disclosed this through his Special Adviser, Fatai Karim, during an event held over the weekend.
According to him, the proposed rules are designed to address persistent challenges associated with cash withdrawals and to rebuild public confidence in Nigeria’s electronic payment system.
Under the new policy, banks will be required to issue debit cards in proportion to the number of ATMs they have installed. This means that financial institutions will no longer be allowed to issue excessive debit cards without having adequate ATM infrastructure to support customers.
The apex bank said the measure is expected to reduce long queues at ATM points, frequent machine breakdowns, and uneven access to cash in different parts of the country.
The CBN noted that recurring ATM failures and cash shortages have contributed to declining confidence in digital banking, despite the steady growth in electronic transactions nationwide.
Governor Cardoso said the new framework would soon be rolled out to sanitise the system and ensure that banks maintain a proper balance between the number of debit cards they issue and the ATMs they operate.
Elijah Adeyemi
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