CBN Sets ATM Requirement of 1 per 7,500 Cards by 2028

The Central Bank of Nigeria (CBN) has issued a directive mandating that by 2028, there should be one Automated Teller Machine (ATM) for every 7,500 payment cards issued. This guideline, signed by Musa Jimoh, Director of Payment System Policy Department, aims to enhance the deployment standards of ATMs and improve customer access to cash services in Nigeria.

The compliance will be phased over three years, with financial institutions expected to achieve 30% compliance by 2026, 60% by 2027, and full compliance by 2028. The CBN's updated framework addresses the rapid changes in the payment ecosystem, including rising cyber threats and the growing demand for financial inclusion.

The guidelines also introduce stricter rules for ATM deployment, ensuring interoperability and requiring prior written approval from the CBN for independent ATM operations. Institutions operating ATMs must submit monthly returns detailing new ATM locations and are subject to penalties for non-compliance.