Regulatory Alerts2015-09-14 | BPS/DIR/GEN/CIR/02/008Added · Updated
Exposure Draft on The Guidelines on Transactions Switching in Nigeria
The Central Bank of Nigeria (CBN) releases draft guidelines for the operations of switching services in the country, including procedures, rights, and obligations of parties involved. Switching companies must obtain a license from CBN and meet minimum standards for switching. The Nigeria Central Switch (NCS) provides interconnectivity and interoperability, with all transactions supporting EMV Levels 1 & 2 compliance and PCI Data Security Standards. NCS participants share operational costs and are subject to penalties for non-compliance with guidelines.
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