CBN Directs Nigerian Banks to Improve Foreign Card Services for Tourists

The Central Bank of Nigeria (CBN) has issued a new directive aimed at enhancing the accessibility of funds for tourists in Nigeria using foreign cards. The directive, signed by Rita Sike, the Director of Financial Policy and Regulation Department at CBN, targets major banks like Access Bank, Zenith Bank, and UBA to improve the acceptance and reliability of foreign payment cards in the country.

The move seeks to address long-standing complaints from tourists and Nigerian returnees who often face challenges accessing funds with international cards. The directive mandates banks and non-bank acquirers operating in Nigeria's payment ecosystem to comply with global card scheme standards to ensure seamless foreign card transactions.

Additionally, the directive emphasizes the importance of maintaining high system uptime to reduce service disruptions and enhance user experience.