CBN to introduce new rules for debit cards and ATMs
The Central Bank of Nigeria has announced plans to implement a new policy to regulate debit card issuance and ATM operations in banks across the country. The move aims to address ongoing issues with cash access and ATM congestion. Yemi Cardoso, the CBN Governor, made the announcement through his Special Adviser, Fatai Karim. The policy is expected to improve public confidence in electronic payments and ensure better cash availability nationwide.
What we know
- The Central Bank of Nigeria plans to align the number of debit cards issued by banks with their available ATM infrastructure.
- The policy is intended to reduce ATM congestion, downtime, and uneven cash distribution.
- Yemi Cardoso stated that recurring ATM failures and cash shortages have affected trust in electronic payment channels.
- Fatai Karim noted that the CBN is consulting with industry stakeholders before implementing the policy.
- The initiative is expected to enhance ATM reliability and restore confidence in Nigeria’s payment system.
