Amendments to the Guidelines on Transaction Switching in Nigeria

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