The Central Bank of Nigeria (CBN) has directed all banks operating in the country to implement multi-factor authentication (MFA) for all foreign card transactions. This move is aimed at boosting security and reducing fraud associated with international card usage.

According to the CBN, the measure will require customers to provide additional verification, such as one-time passwords or biometric confirmation, when performing transactions with foreign cards. Banks have been given a deadline to ensure full compliance to safeguard customer funds.

The directive comes amid rising concerns over online fraud and unauthorized international transactions. Financial analysts believe that this step will enhance trust in the Nigerian banking system and protect customers from potential losses due to cybercrime.

The CBN has urged all banks to educate their customers on the new security protocols and ensure seamless integration without disrupting regular banking services. This initiative forms part of a broader effort to modernize the country’s financial sector and align with global banking security standards.