The Central Bank of Nigeria (CBN) has disclosed plans to introduce fresh regulations to streamline debit card issuance and improve the operations of Automated Teller Machines (ATMs) across the banking industry.
The announcement was made by the CBN Governor, Olayemi Cardoso, through his Special Adviser, Fatai Karim, during a weekend event.
He explained that the initiative is aimed at addressing ongoing cash access difficulties and rebuilding public trust in electronic payment platforms.
According to the apex bank, the proposed framework will ensure that the number of debit cards issued by banks corresponds with their available ATM infrastructure. This is expected to ease overcrowding, reduce frequent system breakdowns, and ensure more balanced cash distribution nationwide.
Cardoso noted that persistent ATM malfunctions and cash shortages have continued to erode confidence in digital payment channels, despite the significant expansion of electronic transactions within the banking sector.
“Very soon, the Central Bank will introduce another policy to clean up and improve the system, especially concerning the number of cards banks issue in relation to the ATMs they maintain,” he said.