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EMV: ValuCard boss urges CBN to ensure compliance by all players

By AKOMA CHINWEOKE & ONWUKA ANTHONIA

THE managing director of  ValuCard Nigeria Plc, Mr. Kyari Bukar, has called on the
Central Bank of Nigeria to enforce strict compliance by all players in card payments industry with the EMV specification and also ensure that all ATM acquirers have no special relationship with any card scheme (card agnostic) if the country’s payments system must meet global best practices.

Bukar who disclosed this at a forum in Lagos on the emerging e-payment platform while reacting to the CBN policy on offsite ATMs; said the apex bank policy on offsite ATMs would be okay, if the interest of the cardholder is well protected, adding that all the offsite ATMs must be able to accept all cards. ‘Whichever way we look at the scenario, ultimately, the cardholder is king.’

The ValuCard helmsman also  appealed to the CBN to call on all players to choose between being a card scheme or a service provider in line with global best practices. A Card Scheme according to him is, ‘an entity, company, association or consortium that owns a trademark, sign, name, logo or other signage which is displayed on payment cards or tokens and at merchant locations, Points of Sale, Automated Teller Machines (ATM) or any acceptance device or location indicating usage or acceptance of cards bearing the trademark, sign, name, logo, or other signage.

He added that Visa, MasterCard, American Express, InterSwitch amongst others are examples of card schemes but however said, that every switch is not a card scheme as a switch according to him, may operate only as a service provider to members of its scheme. Bukar further informed that a card scheme does not sell hardware, software or other back up office solutions that may be used by its members as it might limit the choice of the Banks (Issuers and Acquirers) to use such solutions under different card schemes.


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