Central Bank of Nigeria Pushes for Enhanced Payment Flexibility Amid Growing Global Transactions
The Central Bank of Nigeria (CBN) has directed all commercial banks in the country to configure their Automated Teller Machines (ATMs) and Point of Sale (POS) terminals to accept foreign card transactions, a move aimed at improving payment convenience and supporting Nigeria’s growing e-commerce and international business landscape.
Under the new directive, banks are expected to ensure seamless processing of payments from foreign-issued debit and credit cards at retail outlets, service points, and ATMs nationwide. The initiative is intended to attract more international customers, facilitate cross-border trade, and enhance the overall customer experience for both local and foreign cardholders.
Financial analysts say the CBN’s move is timely, as global travel, online shopping, and digital payments continue to increase, and the need for an inclusive, borderless payment infrastructure becomes more critical. Banks that fail to comply may face regulatory scrutiny from the apex bank.
Industry experts believe the implementation of this directive will not only promote financial inclusion but also strengthen Nigeria’s position as a competitive hub for international transactions in Africa. Customers are advised to check with their banks for updates on when ATMs and POS terminals will be fully configured to process foreign cards.
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