Regulatory Alerts2022-12-05 | PSM/DIR/CON/INM/018/122Circular on Interoperability and Interconnectivity
The Central Bank of Nigeria has issued a reminder to banks and switching companies that all certified payment acceptance devices in the country must be able to process transactions from any card issued by any Nigerian bank. This directive aims to ensure interoperability and interconnectivity in the nation's payment system infrastructure and prevent discrimination between payment cards. Banks and acquirers are warned that any observed breaches of these guidelines will result in regulatory sanctions.
Tags
payments
infrastructure