Regulatory Alerts2014-02-14 | BPS/DIR/GEN/001/088Exposure Draft Guidelines for Card Issuance in Nigeria
The CBN Card Issuance and Management Guidelines are designed to provide a comprehensive framework for the issuance, management, and regulation of payment cards in Nigeria. These guidelines cover various aspects such as card types, data security measures, fraud control, dispute resolution, reporting requirements, remedial measures, sanctions, and amendments. The key objectives of these guidelines are to ensure the efficient functioning of the card payments ecosystem, maintain financial system stability, promote consumer protection, and combat financial crime. The CBN has the power to enforce these guidelines through various means, including inspection, corrective action, and imposition of sanctions. All previously released CBN guidelines that relate to payment cards still apply unless expressly overwritten in this document.