CBN directs banks to apply monetary penalty on defaulting card issuers

The Central Bank of Nigeria (CBN) has directed banks to apply monetary penalty, among other prescribed sanctions, on a card issuer who fails to comply with the guidelines.

This is contained in the approved guidelines for card issuance and usage in Nigeria released on Monday by the apex bank.

The guidelines have been developed to provide minimum standards and requirements for the issuance and usage of payment cards in Nigeria.