Nigeria Central Switch Commences Operation

All payment cards issued by banks in Nigeria are now to be accepted on all acceptable devices deployed in the country, following the completion of the Nigeria Central Switch (NCS) project by the Nigeria Inter-Bank Settlement System (NIBSS).
Paul Lawal, Chief Executive Officer, NIBSS said the completion of the project which started in 2004 will impact positively on the nation’s economy, stressing that cardholders will now enjoy tremendous freedom to use their cards in a safe and secure manner in any place in the country, while delivering substantial benefits to all stakeholders.
Lawal disclosed that four banks and the major scheme operators in the country which include: Interswitch, e-transact, Valuecard and Chams are already connected to the project, stating that a globally renowned company in the area of electronic payment system technologies, ACI Worldwide Incorporated is the technical partner.
He stated that the NCS will bring direct and immediate gains to the economy by providing great savings in foreign exchange while allowing banks and other players in the payment industry concentrate on their respective core functions.