Connect with us

Business

CBN directs banks to configure ATMs, POS terminals for foreign card transactions

Published

on



CBN act

By Elizabeth Adegbesan

In a bid to ensure uninterrupted and efficient transactions for users of foreign-issued payment cards across Nigeria, the Central Bank of Nigeria (CBN) has directed banks and non-bank acquirers to configure all automated teller machines (ATMs), POS, and virtual terminals to accept international cards with Nigerian acquirers, comply fully with card association standards, and possess the necessary certifications to enable seamless transaction processing.

The apex bank disclosed this in a circular signed by the Director, Financial Policy and Regulation Department, Dr. Rita Sike.

CBN, among other things, also asked banks and non-bank acquirers to create multi-factor authentication for foreign card transactions exceeding $200 per day.

Furthermore, the regulator directed banks to implement the same authentication measures for transactions above $500 per week and $1,000 per month.

“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 (or its equivalent),” the circular reads.

“With respect to ATM cash withdrawal transactions, ensure compliance with approved cash withdrawal limits.

“Clearly communicate the applicable exchange rate, which shall be market- driven and based on the prevailing official rate, as well as other associated charges to users.

“Transactions should only be completed after the user has accepted the terms (with evidence obtained).

“Maintain sufficient liquidity position to settle transactions. Settle transactions for the merchant in local currency (naira).

“Implement transaction monitoring to detect unusual patterns in the use of foreign cards across all terminals.

“Strengthen know-your-customer and anti-money laundering controls for merchants handling foreign card payments.

“Require their merchants to ensure that all their copies of card-present transaction receipts are properly signed and to request for valid identity documents where a transaction appears suspicious.”

The circular also noted that card acceptance devices must be equipped with contactless payment options for low-value transactions and that consumer complaints must be resolved within approved timelines.

“Furthermore, acquirers shall implement and maintain robust, auditable chargeback management processes aligned with applicable card-scheme rules and CBN guidelines (including but not limited to timely case intake, evidence collation, refund execution, and post-incident analytics),” the statement said.

“Require, verify, and retain documentation (including terminal approval slip and signed merchant receipt, and item/service description) for card transactions for use in dispute resolution and chargebacks.

“The records shall be retained for a minimum of 12 months and be readily retrievable within 24 hours of request by the Acquirer or Scheme.

“Provide quarterly training to their merchants and agent networks on dispute handling and chargeback processes.”

CBN directed banks and non-bank acquirers to report suspicious transactions to the Nigeria Financial Intelligence Unit (NFIU) and recalibrate fraud-monitoring systems to reduce false declines on legitimate transactions.

The regulator urged tourists and Nigerian returnees experiencing challenges using foreign-issued cards to report such incidents to the CBN’s Consumer Protection Department via complaint4cbn@cbn.gov.ng.

The post CBN directs banks to configure ATMs, POS terminals for foreign card transactions appeared first on Vanguard News.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

LPG: FG targets 5m homes for cooking gas transition — Ekpo

Published

on

By


•Says Nigeria’s development hinges on gas utilisation

By Ediri Ejoh

The Federal Government has reaffirmed its commitment to expanding gas utilisation, saying it is targeting five million households to transition from firewood, kerosene and other biomass fuels to Liquefied Petroleum Gas (LPG) as part of efforts to cut carbon emissions and improve public health.

Speaking at the 2026 Nigeria Oil and Gas (NOG) Conference and Exhibition, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria’s economic development depends largely on harnessing its vast gas resources.

According to him, “Nigeria sees gas as its transition fuel. We are not opposed to the global energy transition, but every country must transition based on its available resources. For Nigeria, that resource is natural gas.”

He added, “Gas is essential because its utilisation cuts across power generation, industrialisation, fertiliser production, household energy and transportation. Gas is the solution for Nigeria. That is why Mr. President created the office of the Minister of State for Gas and provided incentives under the Petroleum Industry Act (PIA) to deepen gas utilisation.”

Ekpo said, “In the past, gas was undervalued, but today it has become central to addressing climate change. We are intentionally deploying technologies that reduce carbon emissions through greater gas utilisation.”

He further stated, “Under the Decade of Gas Initiative, we have identified key projects that will bring gas closer to Nigerians. We are targeting about five million homes to switch from firewood, kerosene and biomass to LPG. This will improve household health while reducing carbon emissions. We are driving this because Nigeria has enormous gas reserves.”

Also speaking, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said ongoing fiscal and sector reforms have strengthened investor confidence.

He said, “Nigeria is strategically positioned for growth. Investors can be assured that their capital is safe and will generate returns. We are positioning the country for global competitiveness.”

Continue Reading

Business

FG suspends enforcement of new internet platform, digital economy regulations 

Published

on

By


By Progress Godfrey

The Federal Government has suspended the enforcement of new regulations affecting internet platforms, online intermediaries and other cross-cutting digital economy issues pending the completion of a national policy review.

The directive was contained in a statement issued by the Minister of Communications, Innovation and Digital Economy Dr Bosun Tijani, on Tuesday, after a strategic meeting with the leadership of the Nigerian Communications Commission (NCC), National Information Technology Development Agency (NITDA), and Nigeria Data Protection Commission (NDPC).

Tijjani said the decision aimed to maintain the current regulatory position while work continues on a harmonised national policy and governance framework for the digital economy.

He explained that the rapid growth of the digital economy has created overlaps in the responsibilities of sector regulators, making closer coordination necessary to provide legal certainty and support investment, innovation and consumer confidence.

As part of the directive, agencies have been asked to defer the implementation or enforcement of any recently issued regulation, code, guideline, framework, directive or administrative requirement relating to internet platforms, online intermediaries and other cross-cutting digital economy issues that are under policy harmonisation.

Tijani said: “The existing regulatory status quo shall be maintained with respect to matters relating to internet platforms, online intermediaries and other cross-cutting digital economy issues currently undergoing inter-agency policy harmonisation under the Ministry’s coordination.

“Relevant agencies are to defer the implementation or enforcement of any recently issued regulation, code, guideline, framework, directive or administrative requirement relating to Internet platforms, online intermediaries or other cross-cutting digital economy matters, to the extent that such provisions concern areas currently undergoing policy harmonisation under the Ministry’s coordination.

“The above direction is without prejudice to the statutory responsibilities of the respective institutions. Accordingly, all other provisions of existing regulations, guidelines, codes and directives that fall squarely within the express mandates of the relevant agencies under extant laws shall remain fully operational and enforceable, provided they are consistent with the policy direction issued by the   Minister.” The minister also announced the establishment of a Joint Technical Coordination Committee comprising representatives of the NCC, NITDA and NDPC under the Office of the Minister.  

Continue Reading

Business

Dangote Cement targets 20% emissions cut, expands capacity to 80mtpa

Published

on

By


By Yinka Kolawole

Dangote Cement Plc has unveiled plans to cut net carbon dioxide (CO‚ ) emissions intensity by 20 per cent while expanding production capacity to 80 million tonnes per annum (mtpa) by 2030, as it pursues its ambition of becoming Africa’s most sustainable and globally competitive cement producer.

Presenting the company’s 2025 Sustainability Scorecard at its 17th Annual General Meeting in Lagos, Chairman, Emmanuel Ikazoboh, said sustainability has become a core business strategy driving growth, competitiveness and long-term value creation across its African operations.

He disclosed that the company has approved a new decarbonisation roadmap, including migrating virtually its entire Nigerian truck fleet to Compressed Natural Gas (CNG) by 2027, excluding the Gboko plant, while electric trucks will be introduced from 2026.

Ikazoboh also said the company is expanding port infrastructure at Apapa, Onne and Lekki to strengthen export capacity, while pursuing investments that will increase installed production capacity to 80mtpa by 2030, including new operations in Botswana and Zimbabwe.

On environmental performance, he said Dangote Cement has reduced CO‚  emissions intensity by 6.5 per cent from its 2021 baseline, cut energy intensity by 1.7 per cent, lowered overall energy consumption by four per cent and reduced water use by eight per cent through increased deployment of alternative fuels, energy-efficient technologies and lower clinker production.

According to him, the company also co-processed over 437,000 tonnes of waste as alternative fuel, reducing dependence on fossil fuels and improving resource efficiency.

Ikazoboh added that Dangote Cement created 625 direct green jobs during the year, increased social investment spending by 56 per cent, raised graduate trainee recruitment by 74 per cent and invested N2.1 billion in employee training.

He said the company also strengthened its ESG framework with new Artificial Intelligence Risk Management, Biodiversity and Disability Inclusion policies, while integrating 297 local vendors into its ESG-focused supply chain programme, positioning it for sustainable growth and supporting Africa’s low-carbon industrial transition.

Continue Reading

Trending