Just a few banks in Nigeria appear ready for the Dec. 31 deadline set by the Central Bank of Nigeria for changing their mag stripe ATM cards to the EMV chip and pin standard.
The bank has extended the technology migration date four times. Despite warnings about security problems with traditional mag stripe ATM cards and an increase in ATM-related fraud, many banks are still issuing fresh magnetic stripe cards. There are about 30 million ATM cards that must be withdrawn on or before the Dec. 31 deadline.
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