Home / News / CBN Approves The Use Of Credit Cards In Nigeria- Mandates Banks To Start Issuing Credit cards To Every Savings Account Customer –

CBN Approves The Use Of Credit Cards In Nigeria- Mandates Banks To Start Issuing Credit cards To Every Savings Account Customer –

The Central Bank Of Nigeria last week approved the use of credit cards for all savings account holders in Nigerian Banks.

Recall that credit cards gives us the opportunity to use money from our banks with a zero naira account balance and pay up later .Just like we borrow airtime from our network providers (mtn,glo,airtel,9mobile)

ELIGILIBITY FOR NAIRA CREDIT CARD IN NIGERIAN BANKS.

In order for a card to be issued to a customer by his bank ,

1.The issuing bank must have done full BVN on the customer, as reflected in the CBN KYC Manual and Money Laundering (Prohibition).

2.Customers must have been active with the bank for a minimum of 2years.

3. Card holder shall ensure that they understand the respective rules for the acceptance of their cards internationally and shall ensure that they are aware of any information that would be necessary in taking a decision on the card to use, when going overseas.

4.Customer must have no trace of fraud in his account since he began banking with the bank.

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