Amendments to the Guidelines on Transaction Switching in Nigeria

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Wednesday, October 19, 2016 11:33 AM / CBN

In strengthening the electronic payments system landscape in Nigeria, the Central Bank of Nigeria took cognizance of the need for a competitive environment while promoting shared services and innovation.

The Bank, in ensuring that the Guidelines on Transaction Switching Services in Nigeria support the objective for payments system efficiency and financial inclusion, hereby issues this circular, to effect the following changes in the Guidelines:

1.       Section 2.6.3 which stipulates that “the NCS shall not own or promote any card business or retails products and shall be run in accordance with international best practice” is hereby amended to read as follows:

“The NCS shall be run in accordance with international best practice”

To this end, the Nigerian Inter-Bank Settlement System 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 payment services providers, immediately.

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