Cbn new policy on ban of bank card 2017

You're referring to the Central Bank of Nigeria's (CBN) policy on the ban of bank cards in 2017.

In 2017, the CBN introduced a policy aimed at reducing the use of bank cards for transactions in Nigeria. The policy, which was announced in August 2017, prohibited the use of bank cards for transactions in certain categories, including:

  1. Lottery and betting: The CBN banned the use of bank cards for lottery and betting transactions, citing concerns about the potential for money laundering and terrorist financing.
  2. Online gaming: The CBN also banned the use of bank cards for online gaming transactions, citing concerns about the potential for addiction and social problems.
  3. Cryptocurrencies: The CBN banned the use of bank cards for transactions involving cryptocurrencies, such as Bitcoin, citing concerns about the potential for money laundering and terrorist financing.

The policy was aimed at reducing the use of bank cards for transactions that were deemed to be high-risk or potentially harmful. The CBN also introduced new regulations for the use of bank cards, including requirements for card issuers to verify the identity of cardholders and to monitor transactions for suspicious activity.

The policy was met with controversy, with some arguing that it was overly broad and would harm legitimate businesses and individuals. Others argued that the policy was necessary to protect the financial system and prevent fraud.

It's worth noting that the policy has been subject to some changes and updates since its introduction. For example, in 2018, the CBN announced that it would allow the use of bank cards for online gaming transactions, but only for transactions that were deemed to be low-risk.

Overall, the CBN's policy on the ban of bank cards in 2017 was aimed at reducing the use of bank cards for high-risk transactions and protecting the financial system. While the policy has been subject to some controversy, it has also been seen as a necessary step to prevent fraud and protect the integrity of the financial system.