ANNOUNCEMENT 12 Aug 2011

The Central Bank of Nigeria on 12 August 2011 via issuing the 'Guidelines on Point of Sale (POS) Card Acceptance Services' for the first time established that all financial transactions must be processed locally.
 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Central Bank of Nigeria (2011) GUIDELINES ON POINT OF SALE (POS) CARD ACCEPTANCE SERVICES. English. https://www.cbn.gov.ng/OUT/2011/CIRCULARS/BSPD/POS_GUIDELINES_AUGUST2011_FINAL_FINAL%20(2).PDF

Inception date: 12 Aug 2011 | Removal date: open ended

Local operations

The Central Bank of Nigeria on 12 August 2011 via issuing the 'Guidelines on Point of Sale (POS) Card Acceptance Services' for the first time and with immediate effect established that all domestic transactions including but not limited to point of sales and atm transactions (i.e. processed by financial providers) must be processed exclusively at the local level.

Specifically, the Central Bank established that these transactions must not be processed outside Nigerian jurisdiction.

 

 

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A