The Central Bank of Nigeria (CBN) has announced plans to introduce a new regulatory framework aimed at simplifying debit card issuance and improving Automated Teller Machine (ATM) operations across the banking sector.
CBN Governor, Olayemi Cardoso, made this known through his Special Adviser, Fatai Karim, at an event held over the weekend.
According to him, the initiative is part of efforts to address persistent cash access challenges and restore public confidence in electronic payment systems.
Karim explained that the proposed policy would align the number of debit cards issued by banks with their deployed ATM infrastructure, a move expected to reduce congestion, frequent system downtime, and uneven cash availability nationwide.
He noted that recurring ATM failures and cash shortages have continued to undermine trust in digital payment channels, despite the rapid growth of electronic transactions within 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.
The apex bank believes the new framework will enhance efficiency in ATM services and strengthen confidence in Nigeria’s electronic payment ecosystem.