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.
BANKING AND PAYMENTS SYSTEM DEPARTMENT CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187, Garki, Abuja.
+234 - 0946238445 BPS/DIR/GEN/CIR/03/008 October 17, 2016 TO: ALL BANKS, MOBILE MONEY OPERATORS AND PAYMENTS SERVICES PROVIDERS AMENDMENTS THE GUIDELINES ON TRANSACTION SWITCHING IN NIIGERIA In strengthening the electronic payments system landscape in Nigeria, the Central Bank of Nigeria took cognizance of the need for a competitive environment while promoting shared services and innovation. The Bank, in ensuring that the Guidelines on Transaction Switching Services in Nigeria support the objective for payments system efficiency and financial inclusion, hereby issues this circular, to effect the following changes in the Guidelines: Section 2.6.3 which stipulates that "the NCS shall not own or promote any card 1.
business or retails products and shall be run in accordance with international best practice" is hereby amended to read as follows: "The NCS shall be run in accordance with international best practice" To this end, the Nigeria Inter-Bank Settlement System Plc, shall communicate the Application Programing Interface (API) and other specifications of all its products to all banks and other licensed operators, including switches, mobile money operators and payments services providers, immediately.
Please be guided Dipo Fat Director, Banking and Payments System Department