Regulatory Alerts2009-06-12 | BOD/RTP/GEN/RVP/01/001Circular on Guidelines for Transaction Switching Services and the Operational Rules of the NCS
The Central Bank of Nigeria has issued guidelines and operational rules for the operation of switching services in Nigeria, effective June 11, 2009. These regulations aim to guide licensing and operations of switching companies while ensuring interoperability among electronic funds switches by requiring all licensed entities to connect to the Nigeria Central Switch on or before July 30, 2009.
June 11, 2009 BOD/RTP/GEN/RVP/01/001 To: All Switches, Banks and Payments Service Providers GUIDELINE ON TRANSACTION SWITCHING SERVICES AND THE OPERATIONAL RULES OF THE NIGERIA CENTRAL SWITCH THE OPERATIONAL RULES OF THE NIGERIA CENTRAL SWITC
The Central Bank of Nigeria, in furtherance of its mandate for the development of the electronic payments system in Nigeria hereby releases the following regulations for the operation of switching services in Nigeria:
- Guideline on Transaction Switching Services
- Operational Rules of the Nigeria Central Switch The above Guidelines and Rules are designed to guide the licensing and operations of switching companies in Nigeria. Furthermore, in order to ensure interoperability among electronic funds switches and in line with section 2.11 of the guidelines, all licensed switching companies are required to connect to the Nigeria Central Switch on or before July 30, 2009.
E.C. Obaigbona For: Director, Banking Operations Department CENTRAL BANK OF NIGERIA Business Central Area District P.M.B. 0187 Garki, Abuja
09-61638445 09-61638455 (Fax)