Lagos – The CBN has urged commercial banks, switches and processors to be Payment Card Industry Data Security Standards (PCIDSS) certified by Nov. 30.
This is contained in a circular issued by the CBN Banking and Payments System Department on Friday in Lagos.
The circular is entitled: “Timeline for PCIDSS certification by all deposit money banks, switches and processors.”
PCIDSS is a framework used to prevent, detect and appropriate security incidents in payment operations among banks.
The framework helps banks to ensure safe handling of cardholder’s information at every step.
The bank said that it would sanction any bank that did not key into the PCIDSS before the date.
The CBN added that from the pre-certification assessment it carried out, some banks were yet to comply with the mode.
“In view of the above, all deposit money banks, switches and processors are required to be PCIDSS certified, on or before Nov. 30.
“Please note that the CBN will invoke appropriate sanctions for non-compliance with the provision of the circular,” it said.