CBN Enhances Foreign Card Acceptance for International Travelers in Nigeria

The Central Bank of Nigeria (CBN) has issued a directive to enhance the acceptance of foreign cards for international travelers in Nigeria. This move is designed to support tourism, formalize diaspora engagement, and align with global payment standards.

The policy includes measures to improve transaction security, such as implementing multi-factor authentication and enforcing withdrawal limits. The directive also mandates enhanced transaction monitoring, stronger KYC and AML controls, and robust chargeback dispute resolution processes.

Despite the positive steps, risks of card fraud remain high in Nigeria. Daniel Ochonma, a key figure, highlights the importance of balancing access and security in the financial ecosystem.