2019-12-30 | PSM/DIR/GEN/CIR/01/019

Circular on Pre-Authorisation of Cards in Nigeria

The Central Bank of Nigeria is issuing a circular to merchant acquirers, deposit money banks, payment service providers, and card schemes, directing them to enable the capability for transaction pre-authorisation and sales completion for all POS terminals in the country. This directive aims to facilitate the development of the Nigerian payments system and encourage the use of electronic payment options. Full compliance with the directive is expected by July 31, 2020, with sanctions for non-compliance.

Nigeria

Central Bank of Nigeria

Show thumbnail