More and more banks in Nigeria have begun shifting to EMV chip-and-PIN cards following various directives and warnings from the Central Bank of Nigeria, an official from the bank tells PaymentsSource.
The central bank had asked member banks to migrate their cards from magnetic stripes to EMV chip technology by Dec. 31, 2009.
Though some banks expressed financial and technical reasons for not being able to meet the deadline, EMV conversions since have picked up after the central bank issued card-fraud warnings twice this year, the official says.
“Last year, Intercontinental Bank was the only one to have completed the migration,” he says. “This year, Zenith Bank, GTB, Eco Bank and Skye Bank have completed the migration.”
Data concerning how many cards in Nigeria thus far have been converted and how many merchants locally accept EMV cards were unavailable.
The central bank had shifted the conversion date three times previously–August 2008; April 1, 2009; and June 30, 2009–after banks expressed technical and financial reasons for not being able to meet the deadlines.