CBN Sets New ATM Deadline for UBA, Zenith, Access

The Central Bank of Nigeria (CBN) has ordered commercial banks and ATM operators to expand their networks nationwide. The new rule says there must be one ATM for every 5,000 payment cards issued.

The directive affects major banks such as UBA, Zenith Bank, and Access Bank, which must meet new deployment targets by 2028. The CBN wants to fix Nigeria’s poor cash access, long queues, and constant ATM downtimes.

According to the guideline, banks must meet 30% of the target by 2026, 60% by 2027, and 100% by 2028. For example, Zenith Bank, with 27.8 million issued cards and only 2,142 ATMs, will have to increase its network to about 5,561 machines in the next three years.

Nigeria currently has one of the lowest ATM densities in Africa, only 14 ATMs per 100,000 adults, compared to Egypt’s 31. 

The number of active ATMs also dropped from 17,377 in 2023 to 16,714 in 2024, while PoS terminals have surged to over 8 million.

To improve access, the CBN says at least 2% of ATMs must have tactile features for the visually impaired. Failed transactions must be refunded within 24 to 48 hours, and all machines must be stocked with cash at all times.

The CBN has already fined nine banks ₦1.35 billion for leaving ATMs empty, showing that enforcement will be strict.

While the move could increase costs for banks, the CBN believes it will improve financial inclusion and reduce dependence on PoS operators, who now dominate cash withdrawals.

The policy is open for public feedback for four weeks but signals one clear message: banks must expand ATM access and make cash easier to get across Nigeria.