Banking
CBN Directs Banks to Increase ATM Terminals to Ease Reliance on PoS
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has introduced new minimum standards for Automated Teller Machines (ATMs) across the country as part of efforts to make more cash points available and reduce the growing reliance on Point-of-Sale (PoS) terminals.
The move, contained in a draft circular titled Exposure of the Draft Guidelines on the Operations of Automated Teller Machines (ATMs) in Nigeria, build up on previous regulations and is aimed at improving accessibility, security, and consumer protection in ATM operations.
The directive comes amid a sharp increase in the use of PoS terminals across Nigeria. As of March 2025, there were about 8.3 million registered PoS machines nationwide, while deployed terminals stood at 5.56 million in December 2024, a 127 per cent rise from the previous year.
The surge in PoS usage has turned merchant-based withdrawals into a major part of everyday cash transactions, but it has also come with a lot of worries.
According to the new guidelines, all card-issuing institutions must deploy at least one ATM for every 5,000 payment cards issued. The implementation will be gradual, with 30 per cent of the target to be achieved by 2026 and full compliance by 2028.
By increasing the number of ATMs nationwide, the CBN hopes to ease pressure on the PoS network, expand banking touchpoints, and strengthen confidence in the country’s payment infrastructure.
The CBN’s latest policy seeks to address this imbalance by ensuring that banks deploy more ATMs to meet public demand for easy and secure access to cash.
ATMs must be located in safe and secure environments that guarantee user confidentiality, and those installed outside buildings must be bolted to the floor.
Any deployment, relocation, or removal of ATMs will require prior written approval from the CBN.
Independent ATM Deployers (IADs) must also obtain CBN approval, fulfill licensing requirements, and show evidence of partnership with a bank responsible for cash supply.
To strengthen consumer protection, the CBN ordered that failed “on-us” transactions, those carried out on a customer’s own bank ATM, must be reversed instantly, or within 24 hours if technical issues occur.
For “not-on-us” transactions conducted on other banks’ ATMs, refunds must be completed within 48 hours.
The guidelines also mandate automatic refund mechanisms that initiate reversals without the customer or issuing bank having to raise a complaint.
The new framework also places emphasis on security. All ATMs must have cameras that record persons and activities such as card insertion and cash dispensing but must not record customer keystrokes.
They must also be equipped with anti-skimming devices to prevent card fraud. ATM encryption keys must be changed annually and cannot be used for multiple machines, while customers are allowed to change their PINs free of charge.
Furthermore, the apex bank noted that all deployers and acquirers must comply with the Payment Card Industry Data Security Standards (PCI DSS) to ensure data safety and transaction integrity.
Operationally, ATMs must remain functional with downtime not exceeding 72 consecutive hours.
The CBN also noted that where this is unavoidable, customers must be informed.
Banks are also required to ensure that cash is always available in their ATMs, and even where non-bank deployers are involved, the partner bank remains fully responsible for cash provisioning.
Also, each ATM must clearly display customer service contacts, charges, and fees, and provide receipts for all transactions except balance enquiries.
To enforce compliance, the CBN said it will conduct regular audits and on-site inspections to verify service quality, cash availability, and adherence to the guidelines.
All institutions must also submit monthly reports on new ATM deployments and related activities no later than the fifth day of the following month. Defaulters will face penalties and other regulatory sanctions.
The apex bank said the new measures are designed to guide ATM deployers on density requirements, enhance consumer protection, and improve access to cash through secure and reliable channels.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
