The Central Bank of Nigeria has directed banks and non-bank acquirers to configure all ATMs, POS, and virtual terminals to accept foreign-issued payment cards, in a move aimed at ensuring seamless transactions nationwide. The directive requires full compliance with card association standards and appropriate certifications to enable uninterrupted processing of international card payments.
The directive was contained in a circular signed by the Director of Financial Policy and Regulation, Dr. Rita Sike. The CBN also mandated multi-factor authentication for foreign card transactions exceeding $200 daily, $500 weekly, and $1,000 monthly. “In this regard, banks and non-bank acquirers shall: implement multi-factor authentication for all withdrawals and online transactions exceeding $200 per day, $500 per week, and $1,000 per month,” the circular stated.
The apex bank further instructed operators to clearly disclose exchange rates and charges, maintain sufficient liquidity, and strengthen fraud monitoring, KYC, and AML controls. It also mandated timely resolution of consumer complaints and robust chargeback processes. Tourists and returnees facing card-use challenges were advised to report complaints to the CBN’s Consumer Protection Department via complaint4cbn@cbn.gov.ng.