Connect with us

Breaking News

Breaking: Multi-Factor Authentication For Foreign Card Transactions- CBN Orders Banks

Published

on

The Central Bank of Nigeria, CBN, has introduced fresh measures aimed at improving the reliability and security of foreign-issued payment card usage across the country, directing banks and other financial institutions to adopt multi-factor authentication for such transactions.

The new directive was conveyed in a circular dated December 18, 2025, issued by the CBN’s Financial Policy and Regulation Department and signed by its Director, Dr Rita I. Sike.

Addressed to all deposit money banks and non-bank financial institutions, the circular, titled “Facilitation of Seamless Use of Foreign Cards,” stipulates that multi-factor authentication must be applied to all withdrawals and online transactions above daily, weekly, and monthly thresholds of $200, $500, and $1,000 respectively, or their naira equivalents.

According to the apex bank, the policy is designed to strengthen transaction security while enhancing the payment experience for tourists and Nigerians returning from the diaspora.

The CBN noted that the initiative seeks to boost convenience, safety, and overall user confidence in the use of foreign-issued cards nationwide.
Under the new framework, banks and non-bank acquirers are required to ensure seamless access to local currency withdrawals, payments, and transfers for holders of foreign cards across Nigeria.

Institutions must also maintain high system uptime to prevent service disruptions during transaction processing.
The CBN further directed that all automated teller machines, point-of-sale terminals, and online payment platforms be properly configured to accept international cards routed through Nigerian acquirers.

These platforms must fully comply with global card association standards and possess the appropriate certifications or recertifications to guarantee smooth transaction processing.

In addition, all settlements arising from foreign card transactions are to be conducted strictly in naira, with financial institutions expected to maintain adequate liquidity to meet settlement obligations promptly.

To curb fraud, the regulator mandated the deployment of advanced transaction-monitoring systems capable of identifying unusual or suspicious usage patterns involving foreign cards. Merchants accepting foreign card payments are also to be subjected to enhanced know-your-customer and anti-money laundering requirements.

Where necessary, merchants must request valid identification and ensure that card-present transaction receipts are duly signed.

Any transaction deemed suspicious must be reported without delay to the Nigerian Financial Intelligence Unit, in line with existing regulatory requirements.

The CBN also emphasised the need for transparency in pricing. Banks and acquirers are required to clearly disclose applicable exchange rates and charges to customers before transactions are completed.

Exchange rates must be market-based, aligned with the prevailing official rate, and fully disclosed upfront. Transactions are to proceed only after customers have expressly accepted the terms, with proof of such consent properly documented.

As part of merchant capacity building, acquirers are mandated to conduct quarterly training sessions for merchants and agent networks on dispute resolution and chargeback management.

The apex bank warned that consumer complaints related to foreign card transactions must be resolved within stipulated timelines, stressing that unresolved cases escalated to the CBN would attract appropriate sanctions.

Tourists and returning Nigerians who encounter difficulties using foreign-issued cards were advised to lodge complaints with the CBN’s Consumer Protection and Financial Inclusion Department.

To further improve user experience, especially for visitors, financial institutions were instructed to recalibrate their fraud-monitoring systems to reduce unnecessary declines of legitimate foreign card transactions. For low-value payments, card acceptance devices must also support contactless payment options.

The circular equally introduced stricter requirements for chargeback and dispute management.

Acquirers are to establish auditable chargeback processes consistent with card scheme rules and CBN guidelines, covering timely case handling, evidence gathering, refunds, and post-incident reviews.

Transaction records, including terminal approval slips, signed receipts, and descriptions of goods or services, must be retained for a minimum of 12 months and made available within 24 hours upon request.

Read The Full Story / Watch The Full Video

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Breaking News

POLITICS: Wike-led PDP Faction Takes Over Party Secretariat In Oyo

Published

on

Members of Peoples Democratic Party, PDP, loyal to the Minister of Federal Capital Territory, FCT, Nyesom Wike, have taken over the secretariat of the party in Oyo State.

The secretariat, located in the Molete area of Ibadan, was in the custody of the faction loyal to Governor Seyi Makinde of the state until Thursday when the members loyal to Wike took over the premises.

DAILY POST gathered that the PDP members stormed the secretariat on Thursday and occupied the premises with hundreds of members of the party in attendance.

PDP chairman in the state, Professor Abdulrahman Akinoso, confirmed the development to DAILY POST.

Akinoso in a telephone conversation with DAILY POST on Thursday, insisted that the real owners have taken over the premises.

He said, “It is true. It is not faction. It is PDP. We have taken over the premises. It was in the morning. We were there in the morning. We just left the premises. We are now in control. We have taken over the premises.” .…For more, Complete your reading.

Read The Full Story / Watch The Full Video

Continue Reading

Breaking News

POLITICS: Foreign Recognition Won’t Secure Re-election – ADC Tells Tinubu

Published

on

The African Democratic Congress (ADC) has told President Bola Tinubu that foreign recognition will not secure him another term in office, insisting that Nigerians will judge his administration by its performance, not by diplomatic gestures from other world leaders.

In a statement issued on Thursday by its National Publicity Secretary, Bolaji Abdullahi, the opposition party reacted to the Presidency’s celebration of a purported letter from United States President Donald Trump to Tinubu.

The ADC said presenting the letter as an endorsement of Tinubu’s administration was misleading, stressing that diplomatic correspondence between world leaders is a normal part of international relations.

“The Presidency’s attempt to present President Donald Trump’s letter to President Bola Ahmed Tinubu as though it were a referendum on the state of the nation is not correct,” the party said.

According to the ADC, countries cooperate, leaders exchange views and letters regularly, adding that such communication does not amount to an endorsement of a government’s performance.

The party accused the Tinubu administration of being desperate for international validation instead of focusing on solving Nigeria’s challenges.

“It is apparent that this administration is desperate to seize upon any gesture of international recognition as proof of success at home,” the statement said.

The ADC maintained that “a letter from a foreign president, however well-intentioned, cannot substitute for the verdict of the Nigerian people.”

It added that the true measure of any government is not what foreign leaders say about it, but what citizens experience daily.

The opposition party argued that Trump’s letter had not changed the reality facing millions of Nigerians, especially those affected by insecurity.

“For the millions of Nigerians still living with the consequences of this government’s failures, President Trump’s communication changes nothing. It did not say that insecurity has been overcome or that Nigerians can once again travel freely, farm safely and sleep without fear,” the party stated.

The ADC also pointed to the continued captivity of hundreds of women and children in parts of Borno State and Kaiama in Kwara State, while many communities in Benue and other parts of the country still live in constant fear because of insecurity.

The party further noted that, despite the Presidency’s celebration of the letter, the United States Department of State has not changed its travel advisory for Nigeria.

According to the ADC, several Nigerian states remain under Level 3 and Level 4 travel advisories, with American citizens still being urged to reconsider or avoid travel because of crime, terrorism, kidnapping and civil unrest.

“We therefore wonder how correspondence from a government that designates several Nigerian states as ‘Do Not Travel’ areas can be regarded as an endorsement,” the party said.

It argued that the travel advisory shows the international assessment of Nigeria’s security situation remains different from the image the Presidency is trying to project.

The ADC said Nigerians are more concerned about their safety than diplomatic exchanges between presidents.

“The daily reality of Nigerians is shaped not by diplomatic correspondence, but by the guarantee that they can go about their lives without falling victim to violent crime or terrorism,” it said.

The party stressed that Trump’s letter was simply communication between two presidents and “does not amount to an endorsement of this government’s overall performance.”

It urged the Tinubu administration to focus less on celebrating diplomatic courtesies and more on delivering measurable improvements in the lives of Nigerians.

“Ultimately, Nigerians will not judge this government by the letters it receives from foreign capitals. They will judge it by whether .…For more, Complete your reading.

Read The Full Story / Watch The Full Video

Continue Reading

Trending