Godwin Emefiele CBN governor
The Central Bank of Nigeria (CBN) has made amendments on section 2.6.3 of the Guidelines on Transaction Switching Services in Nigeria.
In a circular to all banks, mobile money operators and payments services providers on Tuesday and signed by the Director, Banking and Payment System Department, CBN, Mr Dipo Fatokun, the bank stated that “the Nigeria Central Switch (NCS) shall be run in accordance with international best practice.”
This replaces the section which read as follows: “NCS shall not own or promote any card business or retails products and shall be run in accordance with international best practice.”
The bank said the amendment is aimed at strengthening payment system landscape in Nigeria.
The circular noted that the Nigerian Interbank Settlement System (NIBSS) plc, shall communicate “the Application Programming Interface (API) and other specifications of all its products to all banks and other licensed operators, including switches, mobile money operators and payments services providers immediately.”
The guidelines set out the procedures for the operation of switching services in Nigeria, including the rights and obligations of the parties to the switching contract. It also compels the switching companies to meet with minimum standards for switching, as approved by the CBN.
Earlier, the apex bank banned all forms of discriminatory practices in the provision of electronic payment service. It was one of the highlights of two revised guidelines relating to e-payment services issued by the apex bank in the first quarter of the year.
The guidelines are: Guidelines on Transactions Switching in Nigeria; and Guidelines on Operations of Electronic Payment Channels in Nigeria. Among other things the guidelines on transaction switching prohibited Abuse of dominant position by any operator.
It stated that “No parties to Switching Services shall abuse its dominant position by directly or indirectly imposing unfair or discriminatory condition and fees in the provision of its services.”
“Equally, no parties to Switching Services shall limit or restrict the provision of switching services or market thereof or technical or scientific development relating to switching services to the prejudice of consumers; No parties shall indulge in practice or practices resulting in denial of market access
According to the guidelines, the interface specifications will be provided to all Parties to Switching Services, as part of the NCS Interconnectivity requirements. All interface specifications will conform to the international ISO 8583 standards. All NCS Partner Institutions will have to develop both Issuer and Acquirer Interfaces that comply with the NCS Interface Specification.
President Bola Ahmed Tinubu has revealed that he was so overwhelmed by Nigeria’s economic challenges…
Audrey Backeberg was just 20 years old when she disappeared from her home in Reedsburg,…
He explained that the complaints came from different people and that the EFCC has a…
“No objective observer can claim that Nigeria has not made progress since 1960,” Onanuga said.
His main goal with China, he said, is to secure a “fair trade deal.”
The Methodist Church of Nigeria's Calabar Synod has appealed to President Bola Tinubu to promptly…
This website uses cookies.