In a decisive move to raise the bar for financial security and operational integrity, the Central Bank of Nigeria (CBN) has issued a firm deadline of October 31 for all regulated entities to align with its rigorous payment system standards. This directive encompasses compliance with global benchmarks such as PCI DSS (Payment Card Industry Data Security Standard), EMV (Europay, Mastercard, and Visa), and other internationally recognised protocols, including chip-based card issuance and secure PIN entry protocols
Unfolded under the broader Payments System Vision 2025, which has guided Nigeria’s payments ecosystem since its unveiling in November 2022—this compliance push aligns with renewed efforts to safeguard electronic transactions and deepen financial inclusion nationwide
By insisting on standards like PA DSS, Triple-DES encryption, and robust authentication measures, the CBN is making it clear: any non-compliant operator beyond October 31 risks facing sanctions.
These standards stretch across the spectrum, from Payment Service Providers (PSPs) and Payment Terminal Service Providers (PTSPs) to switching platforms, mobile money operators, and fintech players. Acquirers and processors are all brought under the spotlight in this sweeping regulatory
The goal is unmistakable: build a safe, efficient system that supports Nigeria’s fast-growing digital payments landscape while ensuring confidence among users and stakeholders alike.
