CBN to limit debit card issuance based on ATM capacity

Date:

The Central Bank of Nigeria (CBN) is set to roll out a sweeping new regulatory framework designed to end the frustration of empty ATMs and persistent “system downtime.”

The apex bank announced that it will soon force commercial banks to align the number of debit cards they issue with the actual number of Automated Teller Machines (ATMs) they have in operation.

Speaking at an event over the weekend, CBN Governor Olayemi Cardoso, represented by his Special Adviser, Fatai Karim, revealed that the upcoming policy is a direct response to the “unreliable” state of cash access in the country.

The core of the strategy is simple but bold: sanitization. The CBN believes that banks have issued millions of cards without expanding their machine infrastructure to match, leading to: Long queues at the few functioning terminals, machines crashing due to over-usage and uneven distribution of physical notes across the country.

READ ALSO: Senegal edge Morocco in tense 1-0 AFCON final thriller

Despite the surge in digital banking, the CBN admitted that recurring ATM failures have severely weakened public confidence in the financial 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,” Karim stated.

If implemented, this policy could change how easily you get a new debit card or how your bank manages its local ATM branch. The goals of the new framework include: Banks cannot just print cards; they must prove they have the machines to service them, reducing the load on machines to prevent the dreaded “Temporarily Out of Service” message, also encouraging a smoother transition to e-payments by making the physical backup (cash via ATM) more reliable.

While a specific launch date wasn’t provided, the Governor’s office indicated the policy is coming “very soon.” This move is expected to trigger a significant infrastructure investment from commercial banks as they scramble to meet the new hardware requirements.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Junior Yellow Greens edge Zimbabwe to book 2027 World Cup ticket

Nigeria’s U-19 women’s cricket team has punched a historic...

WHO warns world is off-track for 2030 health goals

A decade of hard-won progress in global health is...

Amusan strikes gold in Accra to secure Nigeria’s first victory at ASAC 2026

World record holder Tobi Amusan once again proved her...

Wenger to lead elite analysis team as FIFA unveils 2026 world cup technical panel

FIFA has officially revealed the star-studded lineup of its...