Nigeria TV Info — BUSINESS / FINANCIAL SERVICES

CBN Mandates Seamless Use of Foreign-Issued Cards Across Nigeria

The Central Bank of Nigeria (CBN) has directed all banks and non-bank acquirers of value to ensure uninterrupted and efficient local-currency withdrawals, payments, and transfer services for users of foreign-issued payment cards nationwide.

The directive is aimed at guaranteeing the seamless use of international cards in Nigeria and improving the overall payment experience for cardholders.

Under the new guidelines, the apex bank ordered financial institutions to ensure that all Automated Teller Machines (ATMs), Point of Sale (PoS) terminals, and virtual or web-based payment platforms are fully configured to accept all international cards routed through Nigerian acquirers, in compliance with global card association standards.

The CBN also mandated the implementation of multi-factor authentication for withdrawals and online transactions exceeding $200 per day, $500 per week, and $1,000 per month, or their naira equivalents, to strengthen transaction security and curb fraud.

The directive was contained in a circular addressed to all banks and other financial institutions on the seamless use of foreign cards. The circular was signed by the Director of the Financial Policy and Regulation Department, Dr. Rita Sike.

According to the CBN, the move is part of its ongoing efforts to facilitate easier access to funds, enhance convenience, improve security, and deliver a better user experience for diasporans and tourists who rely on foreign-issued payment cards while transacting in Nigeria.

The apex bank emphasized that full compliance with the directive is mandatory, noting that it aligns with its broader goal of deepening financial inclusion and strengthening Nigeria’s payment system infrastructure.