CBN Orders Banks to Enhance Security with Multi-Factor Authentication for Foreign Card Transactions

The Central Bank of Nigeria (CBN) has directed financial institutions to adopt multi-factor authentication for foreign card transactions, setting thresholds for online transactions. The aim is to improve security and reliability for foreign payment card usage in Nigeria, benefiting tourists and Nigerians in the diaspora.

The new framework requires seamless access for foreign cardholders across Nigeria, ensuring high system uptime and compliance with global card association standards. Dr. Rita Sike from the CBN emphasized the need for enhanced transaction security and smooth payment processes to prevent fraud and ensure prompt settlement obligations.