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By Chinwendu Obienyi
Commercial banks have begun upgrading their mobile platforms as the Central Bank of Nigeria (CBN) steps up oversight of the country’s fast-growing digital payments ecosystem, a move that comes at a time of peak transaction volumes during the festive season.
This is coming after the apex bank had issued a series of directives aimed at tightening controls around authorised push-payment fraud, reducing failed transactions and ensuring faster dispute resolution. The regulator has repeatedly warned that prolonged outages and unresolved debits undermine trust in the financial system.
That pressure was reinforced last week when the apex bank directed all banks and other financial institutions to ensure the seamless use of foreign-issued payment cards across Nigeria. The circular, dated Dec. 18, 2025 and referenced FPR/DIR/PUB/CIR/01/012, mandates banks and non-bank acquirers to guarantee uninterrupted local-currency withdrawals, payments and transfers for holders of international cards nationwide.
Under the new guidelines, all Automated Teller Machines (ATMs), Point of Sale (PoS) terminals and virtual payment platforms must be configured to accept foreign cards supported by Nigerian acquirers, comply fully with global card-association standards and maintain the certifications required to process transactions smoothly.
In response to this directive, Access Bank Plc, the nation’s largest bank by assets, said it has updated its AccessMore mobile application to improve performance and restore functionality for customers experiencing glitches on older versions.
“We are pleased to inform you that the AccessMore app has been updated to ensure you enjoy seamless transactions this festive season,” the bank said in a statement to customers. “In the event that any features on your current app do not work as expected, simply update or delete and reinstall the latest version to restore full functionality and enjoy our new improved app.”
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The upgrades come as transaction volumes typically surge in December, driven by year-end salary payments, remittances from Nigerians abroad, and increased consumer spending. Data from the Nigeria Inter-Bank Settlement System (NIBSS) show that electronic payment volumes often rise by more than 30 per cent during the Yuletide season, placing heavy strain on banks’ infrastructure.
A Lagos-based payments consultant, Tunde Akinyemi, said, “The CBN is making it clear that reliability is no longer optional. Nigeria wants to compete as a tourism and business destination, but that is impossible if visitors can’t access their funds.”
Visitors to Nigeria, including members of the diaspora, have long complained that many ATMs reject foreign cards or impose inconsistent limits and fees. Hoteliers and retailers say the issue often leads to lost sales or pushes customers into informal cash channels.
Banks are now racing to upgrade backend systems, renew certifications with card schemes such as Visa and Mastercard, and roll out software patches across ATM and POS networks.
Several lenders are also introducing stronger authentication features and real-time monitoring tools to meet the new regulatory bar.
The policy could also support Nigeria’s foreign-exchange strategy. Diaspora remittances exceeded $20 billion last year, according to World Bank estimates, and officials believe smoother card usage will encourage more formal inflows.
