The Central Bank of Nigeria (CBN), has directed banks and non-bank acquirers to introduce multi-factor authentication (MFA) for foreign-issued card transactions exceeding $200 per day.
The directive, contained in a circular dated December 18, was signed by Rita Sike, Director of the Financial Policy and Regulation Department at the apex bank.
Under the new directive, MFA will be required for withdrawals and online transactions above $200 daily, $500 weekly, and $1,000 monthly, or their equivalents in other currencies. The CBN also instructed operators to properly configure point-of-sale (POS) terminals and automated teller machines (ATMs) to support transactions carried out with foreign-issued cards.
The CBN stated that the measures are designed to enhance the efficiency of local currency withdrawals, payments, and transfer services for holders of foreign-issued cards in Nigeria.
The bank added that the directive would improve access to funds for tourists and Nigerians in the diaspora visiting the country, while also strengthening transaction security.
The circular further stressed that banks and non-bank acquirers must strictly comply with approved cash withdrawal limits for ATM transactions involving foreign-issued cards, warning that adherence to the new requirements is mandatory.
