Regulatory Alerts2009-02-27 | BOD/DIR/CIR/GEN/01/22Added · Updated
Circular of Timeline for Migration from Magnetic Stripe to Chip+PIN/EMV
The Central Bank of Nigeria (CBN) extended the deadline for banks to migrate from magnetic stripe to Chip+PIN/EMV technology from April 1, 2008 to April 1, 2009. Banks must cease issuing new magnetic stripe cards by this new deadline but can continue using previously issued ones until they expire. Noncompliance will result in financial penalties and withdrawal of approvals.
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