The Central Bank of Nigeria (CBN) has reminded banks, switching companies and other parties in the payments system that “all certified payment acceptance devices deployed in Nigeria are required to accept all transactions aris-ing from any card issued by any Nigerian bank.”
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The apex bank, which stated this in circular issued yesterday and signed by the Director, Payments System Management Department, Mr. Musa Jimoh, said that it issued the circular because it had observed that a number of the acceptance devices deployed by banks, “discriminate between payment cards.”
It cited relevant provisions of the guidelines on operations of electronic payment channels in the country that it issued in June 2020.
Specifically, the guidelines state among others, that “merchant Acquirers shall ensure that POS terminals purchased and deployed at merchant/ retailer locations through CBN licensed Payment Terminal Services Provider shall accept all cards(card agnostic).
“Every acquirer must be able to accept all cards issued by Nigerian banks, whether through a direct license or via an arrangement with any other acquirer that is licensed under the relevant card/payment schemes.”
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