CBN to Regulate Debit Card Issuance, ATM Operations
The Central Bank of Nigeria (CBN) has announced plans to introduce a new regulatory framework for debit card issuance and Automated Teller Machine (ATM) operations as part of efforts to address persistent cash access challenges and improve service reliability across the banking sector.
According to the apex bank, the policy is designed to strengthen oversight of card issuance processes, enhance ATM availability, and reduce recurring issues such as failed transactions, prolonged downtime, and cash shortages at ATM points nationwide. The move comes amid growing public complaints over difficulties in accessing cash, especially during peak periods.
Under the proposed regulations, banks and other financial institutions will be required to adhere to stricter standards on debit card issuance, ATM deployment, maintenance, and uptime. The CBN is also expected to introduce clearer guidelines on service level expectations, consumer protection, and penalties for non-compliance.
Industry analysts say the policy could help improve confidence in electronic banking channels while ensuring that ATMs function more efficiently as a critical part of Nigeria’s payment system. By tightening supervision, the CBN aims to strike a balance between promoting cashless transactions and ensuring that physical cash remains accessible to Nigerians who rely on it for daily transactions.
The CBN noted that further details of the policy, including implementation timelines and compliance requirements, will be communicated to financial institutions in due course. Stakeholders have been urged to cooperate fully to ensure the success of the initiative and enhance overall customer experience in the banking sector.
