CBN Orders Nigerian Banks to Reconfigure ATMs, POS and Online Payment Platforms to Accept Foreign Cards Nationwide
The Central Bank of Nigeria (CBN) has directed banks and non-bank acquirers to reconfigure all ATMs, POS terminals and virtual payment platforms to accept foreign-issued cards across Nigeria. According to a circular signed by the Director of Financial Policy and Regulation, the move is aimed at improving transaction efficiency for tourists and Nigerians returning from abroad. The apex bank mandated multi-factor authentication for foreign card transactions above $200 daily, strict compliance with withdrawal limits, transparent disclosure of exchange rates and charges, and support for contactless payments on low-value transactions. Banks are also required to strengthen KYC, AML and fraud-monitoring systems, ensure merchants are paid in naira, and resolve customer complaints within approved timelines.
The Central Bank of Nigeria (CBN) has directed banks and non-bank acquirers to reconfigure all ATMs, POS terminals and virtual payment platforms to accept foreign-issued cards across Nigeria. According to a circular signed by the Director of Financial Policy and Regulation, the move is aimed at improving transaction efficiency for tourists and Nigerians returning from abroad. The apex bank mandated multi-factor authentication for foreign card transactions above $200 daily, strict compliance with withdrawal limits, transparent disclosure of exchange rates and charges, and support for contactless payments on low-value transactions. Banks are also required to strengthen KYC, AML and fraud-monitoring systems, ensure merchants are paid in naira, and resolve customer complaints within approved timelines.
CBN Orders Nigerian Banks to Reconfigure ATMs, POS and Online Payment Platforms to Accept Foreign Cards Nationwide
The Central Bank of Nigeria (CBN) has directed banks and non-bank acquirers to reconfigure all ATMs, POS terminals and virtual payment platforms to accept foreign-issued cards across Nigeria. According to a circular signed by the Director of Financial Policy and Regulation, the move is aimed at improving transaction efficiency for tourists and Nigerians returning from abroad. The apex bank mandated multi-factor authentication for foreign card transactions above $200 daily, strict compliance with withdrawal limits, transparent disclosure of exchange rates and charges, and support for contactless payments on low-value transactions. Banks are also required to strengthen KYC, AML and fraud-monitoring systems, ensure merchants are paid in naira, and resolve customer complaints within approved timelines.
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