2011-02-23 | BPS/DIR/GEN/CIR/02/007

RE:CIRCULAR ON THE NEED TO COMBAT CARD FRAUD

The Central Bank of Nigeria has issued a circular to all deposit money banks, directing them to implement additional measures to combat card fraud. The measures include proper KYC for cash card issuance, setting limits and authentication for transfers, and restricting card usage for service payments. Banks are also required to name all terminals with identification numbers and location addresses within 60 days.

Nigeria

Central Bank of Nigeria

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