Photo Credit: The Punch
2025-12-21 06:45:00
Figures cited by The Nation show the Central Bank of Nigeria has directed banks and non-bank acquirers to configure ATMs, POS and virtual terminals to accept foreign-issued cards while applying stronger authentication above set thresholds.
The circular instructs institutions to implement multi-factor authentication for foreign card withdrawals and online transactions above $200 per day, $500 per week, and $1,000 per month, and to maintain high system availability for smoother processing.
Banks are also told to clearly disclose exchange rates and charges before completing transactions, and to strengthen transaction monitoring and KYC/AML controls for merchants handling foreign card payments.
Premium Times reported the circular requires institutions to ensure terminals are configured to accept international cards and maintain availability to avoid failures, noting users should be shown terms before completion. Vanguard quoted the CBN directive: “implement multi-factor authentication for all withdrawals and online transactions exceeding $200 per day, $500 per week, and $1,000 per month.”
Echotitbits take:
For diaspora visitors and tourists, this could reduce declined transactions—if banks implement it cleanly. Watch for short-term disruption (higher declines during recalibration), plus how quickly institutions standardise FX rate disclosures and complaint-resolution timelines.
Source: The Nation — December 21, 2025 (https://thenationonlineng.net/cbn-asks-banks-to-configure-atms-pos-terminals-for-foreign-card-transactions/)
The Nation 2025-12-21
