2014-04-24 | BPS/DIR/GEN/CIR/01/004

Circular on the Timeline for PCIDSS Certification by all Deposit Money Banks, Switches and Processors

The Central Bank of Nigeria (CBN) has issued a circular requiring all Deposit Money Banks (DMBs), Switches and Processors to be Payment Card Industry Data Security Standards (PCIDSS) certified by 30th November, 2014. Originally, the deadline for compliance was set as 31st December, 2012, however, following requests for an extension from various banks, CBN extended it. The extension aims to ensure that financial institutions are effectively protecting cardholder data and preventing fraudulent activities related to card transactions. Failure to comply with this requirement will result in appropriate sanctions by the CBN.

Nigeria

Central Bank of Nigeria

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