Regulatory Alerts2016-10-18 | BPS/DIR/GEN/CIR/008Amendments to the Guidelines on Transaction Switching in Nigeria
The Central Bank of Nigeria has made amendments to the Guidelines on Transaction Switching Services in Nigeria. These changes aim to enhance efficiency in the electronic payments system while promoting a competitive environment and innovation. Specifically, Section 2.6.3 which stipulated that NCS shall not own or promote any card business or retail products has been removed. As a result, the NCS must now simply operate according to international best practices. To facilitate this change, Nigeria Inter-Bank Settlement System Plc will communicate its product specifications (including APIs) immediately to all banks and licensed operators.
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payments