The Central Bank of Nigeria (CBN) has issued a directive to banks and financial institutions, requiring them to ensure uninterrupted ATM, POS, and virtual payment services for users of foreign-issued cards. This move is aimed at improving access to funds for tourists and Nigerians returning from abroad, boosting confidence in the country’s payment system.
In a circular signed by Rita I. Sike, director of the Financial Policy and Regulation Department, the CBN highlighted persistent issues such as declined transactions and operational bottlenecks that have affected foreign cardholders in Nigeria. The directive mandates that all ATMs and POS terminals be properly configured to accept international cards.
To prevent service disruptions, banks are required to implement multi-factor authentication for transactions above specified limits, while fraud-monitoring systems must be recalibrated to reduce false declines. The CBN also emphasized the importance of transparency, with banks required to clearly communicate exchange rates and charges to customers before processing payments.
Merchants and payment service providers must also enhance monitoring systems, ensuring all suspicious transactions are reported and handled according to regulatory guidelines. The CBN has pledged to protect consumer rights and improve trust in Nigeria’s financial infrastructure, urging foreign card users to report any issues to the bank’s Consumer Protection Department.