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The Digest:

The Central Bank of Nigeria has directed banks and financial institutions to ensure seamless functionality of ATMs, POS terminals, and online platforms for foreign-issued payment cards nationwide throughout the festive season. The directive aims to improve access, security, and convenience for tourists and returning Nigerians, addressing long-standing complaints of transaction failures and opaque charges during peak periods.

Key Points:
  • Banks must configure all terminals to accept international cards and comply with card-scheme standards
  • Multi-factor authentication is required for withdrawals above $200 daily, $500 weekly, or $1,000 monthly
  • Institutions must clearly disclose market-driven exchange rates and charges before transaction completion
  • Systems must maintain high availability to prevent failed transactions
  • Sufficient liquidity must be ensured for timely settlement in local currency
  • Fraud monitoring systems must be recalibrated to reduce false declines on legitimate foreign card transactions
  • Acquirers must implement robust chargeback processes and retain records for at least 12 months
  • Unresolved complaints escalated to the CBN will attract regulatory sanctions
In a season of homecomings and holidays, this directive seeks to calm one predictable storm, ensuring that the joy of return is not diluted by the frustration of inaccessible funds, and that the nation’s financial gates remain open to those coming home.

Sources: CBN Circular, Premium Times