Lagos - The Central Bank of Nigeria (CBN) has ordered banks to destroy Automated Teller Machine cards of other banks trapped in their ATM terminals.
The new guideline by the apex bank is to enable issuing banks, other financial institutions, processors, and cards schemes upgrade and maintain their card operations to ensure optimum security, efficiency and customer friendliness, reports ThisDay.
The move is also to ensure that consumers that carry Nigerian issued cards operate within acceptable standards.
The apex bank also directed that payment card must be valid for at least three years from when the card is issued to the customer to reduce the burden of card costs to customers.
Read more at ThisDay.
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