The Central Financial institution of Nigeria (CBN) has issued a brand new directive requiring all banks and monetary establishments in Nigeria to make sure the easy and seamless use of international‑issued fee playing cards throughout the nation. The transfer is geared toward enhancing entry to funds and enhancing comfort for vacationers, enterprise travellers, and Nigerians coming back from the diaspora.
Beneath a round launched by the CBN’s Monetary Coverage and Regulation Division, monetary establishments should configure their programs in order that international credit score and debit playing cards can be utilized with out interruption in any respect Automated Teller Machines (ATMs), Level‑of‑Sale (POS) terminals, and on-line fee platforms nationwide.
The coverage comes as a part of broader efforts by the apex financial institution to strengthen Nigeria’s fee infrastructure, increase investor confidence, and help the nation’s rising tourism and diaspora remittance sectors. Officers say the directive will cut back transaction failures and get rid of obstacles which have beforehand pissed off customers of international playing cards in Nigeria.
To make sure each comfort and safety, the CBN has additionally instructed banks and non‑financial institution fee suppliers to implement multi‑issue authentication (MFA) for sure international card transactions. Which means transactions above specified thresholds, resembling $200 per day, $500 per week, and $1,000 monthly (or their naira equivalents) would require extra verification steps, resembling one‑time passwords or biometric checks, to scale back fraud threat.
In its directive, the regulator emphasised that every one terminals should adjust to international card‑affiliation requirements and keep the required certifications to course of worldwide transactions reliably. Banks are required to keep excessive system availability to keep away from service disruptions that would impede withdrawals, funds, or transfers by international cardholders.
The CBN’s round additionally units out obligations for clear alternate charge disclosure: card customers have to be knowledgeable of relevant charges primarily based on prevailing official market charges earlier than a transaction is accomplished. Establishments should additionally guarantee they’ve ample naira liquidity to settle international card transactions promptly, and retailers should obtain settlement in naira.
Officers stated the coverage won’t solely profit guests but in addition Nigerians within the diaspora who depend on international‑issued playing cards when travelling dwelling, making it simpler to entry funds and pay for items and companies with out resorting to unofficial channels or third‑get together intermediaries.
For MSMEs, notably retail companies, hospitality operators, e‑commerce platforms, and tourism service suppliers, the directive may broaden fee choices for purchasers, appeal to extra worldwide and diaspora spenders, and assist seize extra income in native foreign money. By enhancing reliability and consumer expertise round international card funds, retailers might profit from elevated cross‑border transactions and client confidence.
The CBN has warned that it’ll monitor compliance and take applicable motion towards establishments that fail to satisfy the brand new requirements.
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