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EMV Chip Card Will Address ATM Fraud-Bukar

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Mr. Kyari Bukar, managing director /chief executive officer, ValuCard Nigeria Plc has distinguished himself through creative achievements to the ICT industry.

His company is a flagship which Provides high-quality, world-class, e-payment processing infrastructure that is reliable and addresses the needs of the community of Nigerian banks.

Bukar has also worked at Hewlett-Packard, a leading Information Technology Company in the United States in various capacities during his 14 years stint including process engineer, manufacturing development engineer, marketing program manager, senior it consultant and technical marketing program manager.

He joined ValuCard Nigeria Plc in June 2004 from FSB International Bank where he was the executive director in charge of Electronic Banking, IT. Bukar spoke to chike onwuegbuchi

 

ValuCard and Visa International

Visa and ValuCard entered into a partnership in 2004, the partnership agreement was actually signed by both companies the same year and we launched our Visa certified EMV platform on March, 30, 2006.

Visa is the global leader in e-payments. What do I mean by that? For all the transactions that take place worldwide, Visa controls 64% of the global e-payment and that translates to around 4 trillion dollars. The next competitor does less than half of that, so in whatever measure, Visa is the global leader in electronic payments globally. By bringing Visa to Nigeria, we believe Nigerians would over time come to appreciate what we have done to link them up with the global financial system in online real time manner.

ValuCard is a principal member of Visa and Visa has invested in ValuCard. Visa has minority shareholding in ValuCard while Nigerian banks own the rest of the shares. Like Visa, ValuCard itself is owned entirely by banks. By its shareholding, Visa is represented on the Board of ValuCard. In fact, the person who is the non-executive director on the board of ValuCard from Visa is Mr. Jim Devlin. He is also the managing director of Visa Risk Limited – a subsidiary of Visa that is concerned with risk and risk-related issues in the e-payment side of the business.

By virtue of the investment relationship, Visa has granted ValuCard Nigeria Plc exclusive acquiring rights for Nigeria. The following analogy would help to explain what I mean by acquiring rights: The e-payment business is a four-party business i.e. the Issuer of the Visa card (in Nigeria,, more likely a bank), the Cardholder (the person to whom the Issuer issues the Visa card for use as means of making payments), the Acquirer and the Merchant (the retailer who accepts Visa cards for payment for their goods or services).

The four party system is essentially different from the two-party system, which is the system that started since history. For instance, where you have yam and I have corn; if you need corn and I need yam, we then exchange. That is the two-party system of payment. Four-party system is where the bank gets involved and becomes the intermediary in payment transactions. They issue Visa cards to you and the acquiring bank or institution – in this case ValuCard – deploys a POS terminal at the merchant location. The cardholder goes to the merchant using that card to make purchase and Visa is in the middle of the entire chain, as the brand and franchise owner; that is what we mean by four-party system.

Visa has been in this business since 1973 and we (ValuCard Nigeria Plc) basically decided to go with the best of breed, the global leader. In fact, when we started, we actually reached out to both Visa and MasterCard and the discussions got to a stage where the board of directors of ValuCard requested for both entities to make a decision on whether they would want to invest in the company and Visa said yes, and that is why the board decided to go along with Visa. So, that is essentially the relationship.

By virtue of the relationship, Visa also certified us to be processors for their domestic and international card transactions. This is a back office technology driven service that we render to Card Issuers and Acquirers in Nigeria and which we are positioning to do for similar Institutions outside Nigeria.

 

 Benefits

First, through the relationship we successfully set up an EMV platform, which was certified by Visa in April 2006; this means we have been running an EMV platform before anybody else in this country. So if anybody tells you something else, you need to challenge the claim.

The other thing that is of interest is the fact that before we started, Visa came in and took all of our people and put them through various kinds of trainings; acquiring, processing, risk management, security, threat prevention, and e-payment technologies, among others. And that is basically imbibing the global best practices from Visa.

So the partnership cannot be measured only in Naira and Kobo because in essence it is not the Dollar that was invested in the company – whatever N100 million that they put into the company – but the additional value they added to us by coming in and partnering with us, working with us step by step until we reached this level. In my estimation it is priceless because that is the reason why we can confidently say we have a global e-payment processor in Nigeria today called ValuCard Nigeria Plc.

 

CBN on EMV compliant

It gives me great pleasure that the entire country has now decided to migrate to EMV and the reason is that the entire industry will benefit from EMV migration. An EMV platform is simply more secure than a magnetic stripe platform. I will give you an analogy – your company uses computers in printing out "CommunicationsWeek". If I force your company to be using the computer technology of the early 70s to produce the paper, I think it would be something that would not be taken with pleasure by employees of the company. Magnetic stripe is a 1970s invention and today in 2008, that technology is still in use in the country when there is a better technology available that the entire country should adopt and that is why right from the onset when we entered into this partnership with Visa, we said that we would only deploy EMV technology. Our platform is EMV and our products that have been introduced in the domestic market are EMV, even the international Visa cards that Nigerian banks have issued are EMV because they are all Chip cards. I wonder if you have seen the Zenith, Skye Bank, Access Bank or UBA Visa cards – they all have Chip on them – they are all EMV. The reason is very simple; it protects the cardholder and also the bank. It is more expensive but a lot more secure. In fact, not only have we got a safe way of minimizing fraud with our EMV platform, we actually are also assisting banks from outside of Nigeria to protect their customers’ accounts by virtue of being EMV because we know that a U.K Visa card is supposed to have chip so if somebody inserted a magnetic stripe only U.K Visa card in any ATM in Nigeria that is controlled or processed by ValuCard for Visa, we will automatically hold that card and not let it go and then get in touch with the bank and verify if it was a stolen or duplicated card. So, essentially the safety and security that EMV brings to card business is worth it for the banks to invest in the EMV migration and I am glad that the date has been fixed for December. I hope it is sooner than that – I hope it is next month. But then, if that is what the regulators decide so be it. Security is the basic consideration for EMV migration all over the world. All Visa acceptance devices in Nigeria are all EMV enabled, that way we will have as minimal fraud as possible.

 

Fraud on Chip Cards

Of course, the investment that is required is so high that it may not be worthwhile to invest hundreds of millions of dollars just to have access to N10, 000 in my account. Even if you read the data, it is still encrypted so it is still going to come out gibberish – some of those funny looking characters on computer screens.

 

EMV and Interoperability

I believe that at a higher level, the bank community as well as CBN as a regulator, has indicated vision for interoperability in the payment space. Interconnectivity is very easy to achieve; it is where you connect. Just because you connect does not mean anything because data has to flow for it to be interoperable and to interoperate means that, you have to know my scheme’s electronic language and I have to know yours and then we agree. For instance, if ‘A’ in my language means ‘C’ in yours whenever you see ‘A’ you have to translate it into ‘C’. That is what interoperability is all about. Usually what happens is that this scenario evolves in a step-by-step manner; the first thing will be on ATM and then the payment space (PoS terminals.) Now, there is also an initiative going on with CBN about the central switch, NIBSS (National Interbank Settlement System) has been appointed as the central switch and that means that all players would have to connect to the central switch. I have seen documents here that indicate that we have connected or may have connected by now and begun testing the flow of data between the central switch and us. The thing that is laudable about interoperability is that ideally, a merchant should have just one terminal. Even if you go to Europe or wherever, you do not see a single terminal, you see multiple terminals at the merchant location. It might be that ‘Bank A’ is doing 1, 2, 3 schemes and another is doing 4, 5, 6 schemes. In the ideal world, it is okay to have a single PoS terminal that accepts many cards. The areas that are still subject to the players are the commercial discussions and commercial agreements because the regulators can say you can use all cards on a terminal owned by ‘Institution X’, the Institution could then demand certain considerations every time a non-member uses that terminal. So, because of that investment, there would have to be a commercial agreement between the parties. Once those are concluded, interoperability becomes a matter of fact and then takes effect but I am not saying it is going to happen overnight; it will take some time. However, we may end up having a slightly fragmented market whereby you may have more than one terminal at a merchant location and that is a possibility. You may not see ten terminals because there are ten schemes; you may see that some schemes will align with other schemes.

 

Improving Efficiency of ATMs

It would be presumptuous of me to proffer solutions to somebody else’s infrastructure. Having said that, ATMs globally do have downtimes; most of those downtimes are scheduled. When they realize the lowest period for the usage of that particular device, they can introduce downtime. Occasionally, they do have unscheduled downtimes and when that happens, because of the nature of management of those devices, they respond very quickly and I believe that is what is lacking in this market. So, there has to be a certain degree of diligence paid to the ATMs because if you say that the ATM is a branch replacement or it offers the kind of services a branch offers, even though it is limited, you must pay attention to it. Now would you walk into a bank and they tell you the branch is down? You would say yes, some banks have told you our system is down and you would have to wait so much longer than you would and that is what happens on the ATMs.


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How JustMarkets Is Empowering African Traders with Global Market Access

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Africa’s trading community is rapidly growing, evolving, and showing increasing interest in financial markets. From Lagos to Nairobi, from Accra to Johannesburg, more and more people are exploring financial markets as a way to develop skills, earn income, and participate in the global economy. But the ability to trade isn’t enough; traders also need reliable technology, fair conditions, and tools that help them make informed decisions and trade effectively.

How JustMarkets Is Empowering African Traders with Global Market Access

JustMarkets

This is where trading platforms like JustMarkets make a significant contribution to the development and expansion of the trading community in the African region.

By combining global market access with a results-oriented trading environment, JustMarkets helps African traders compete head-to-head with those in the world’s largest financial centers, providing access to tight spreads, a wide range of analytical materials, and a variety of account types.

Breaking Barriers to Global Markets

For years, traders in emerging markets have faced limitations: slow platforms, a limited range of instruments, low liquidity, wide spreads, and infrastructure that hinders professional trading and effective analysis. Today, JustMarkets addresses this significant gap by providing African traders with access to a wide range of global financial instruments through a single, optimized online platform.

Now traders have the opportunity to test short-term strategies, long-term portfolio diversification, and learn how markets work. Traders can now explore opportunities in forex, commodities, indices, and stock markets without geographic barriers or technical difficulties.

A Trading Platform Built for Performance

Technology plays a critical role in modern trading. Market conditions can change in seconds, and execution speed often makes the difference between opportunity and missed entry. The JustMarkets leading trading platform is designed to support fast, confident decisions in real time.

  • Ultra-fast execution. Engineered for low-latency order processing, the app helps ensure trades are executed quickly and efficiently when markets move.

  • Full risk management. Stop-loss, take-profit, and position sizing can be managed directly from the chart, helping traders stay disciplined and protect capital.

  • Advanced charting. Interactive charts, multiple timeframes, drawing tools, and built-in indicators provide the analytical depth needed for informed trading decisions.

  • Real-time alerts. Instant notifications about price movements, order events, and key market developments help traders stay connected even when they’re away from the screen.

  • Secure authentication. Biometric login, encrypted data transmission, and advanced internal security protocols ensure that accounts and personal data remain protected.

This combination of speed, usability, and security makes professional-grade trading accessible from anywhere, even on the go with JustMarkets mobile trading app.

Trade a Wide Range of Global Markets

Access to diverse instruments allows traders to adapt to different market conditions and explore multiple strategies. JustMarkets provides African traders with the ability to participate in major asset classes worldwide.

  • Forex. Trade major, minor, and exotic currency pairs with competitive pricing and deep liquidity.

  • Gold & Metals. Access precious metals such as XAUUSD and XAGUSD, popular instruments for active traders and those seeking exposure to global macro trends with competitive spreads.

  • Indices. Engage with leading global stock indices including the S&P 500, NASDAQ, Dow Jones, DAX, and FTSE – markets that reflect the performance of major economies.

  • Stocks. Trade shares of global companies and high-volume market leaders, opening opportunities to follow international corporate trends.

  • Energy. Speculate on key energy commodities such as WTI and Brent crude oil, instruments often influenced by geopolitical and macroeconomic developments.

This broad market selection helps traders diversify and respond flexibly to changing global conditions.

Supporting Trader Development

Expanding technical, educational, and analytical capabilities extends beyond technology. JustMarkets also places a special emphasis on helping traders build knowledge and confidence. Access to educational materials, market analysis, and structured risk management tools fosters a more disciplined and informed approach to trading, including setting trading goals.

For many African traders, this means moving from random speculation and emotional trades to a more professional mindset, and most importantly, understanding that long-term success depends on strategy, risk management, continuous learning, and a cool head.

Connecting Africa to the Global Financial Ecosystem

Financial markets are becoming increasingly interconnected, with traders from all regions now participating in the same global capital flow. Offering advanced tools such as flexible leverage, fast order execution, and broad access to markets and trading assets, the JustMarkets online trading platform helps African traders become active participants in this ecosystem with full access to analytical and educational materials, as well as cutting-edge technological solutions for managing trades, accounts, and open positions. JustMarkets’ commitment to empowering traders, increasing financial literacy, and enabling people to engage with global markets on a level playing field. As the African trading community grows, online trading platforms like JustMarkets, which combine performance, accessibility, and security, will play a key role in this process. But pay attention that risk management still is a key to success as CFD trading involves risks.


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Court Freezes MCSN Copyright Levies amid Record Label Legal Battle

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Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos, has issued an interim Mareva injunction freezing copyright levy funds due to the Musical Copyright Society of Nigeria (MCSN).

Court Freezes MCSN Copyright Levies amid Record Label Legal Battle

The order prevents the Central Bank of Nigeria (CBN) and at least 20 commercial banks from disbursing these funds until further court proceedings.

The injunction stems from Suit No. FHC/L/CS/207/2026, following an ex parte application filed on February 5, 2026, by the Record Label Proprietors’ Initiative on behalf of 11 major record labels and music companies.

Plaintiffs include industry heavyweights such as Mavin Records, Davido Music Worldwide, Chocolate City Music, Universal Music Group, Sony Music Africa, and Warner Music South Africa.

The plaintiffs, through their attorney, sought to restrain the CBN from releasing any copyright levy funds related to sound recordings earmarked for MCSN.

They also asked the court to bar MCSN and its agents from accessing, transferring, or using the funds, whether received directly from the CBN or routed through commercial banks.


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NITDA, HORSA Empower Lawmakers’ Spouses with Digital Skill

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The National Information Technology Development Agency (NITDA), in partnership with the House of Representatives Spouses Association (HORSA), organized a specialized two‑day digital literacy and capacity‑building workshop for the spouses of members of the House of Representatives.

The initiative, themed “Empowering Women for a Digital Future: Leadership, Wellbeing, and Opportunity,” is designed to equip spouses of lawmakers with the tools needed to navigate the modern digital economy and the unique demands of public life.

Moving beyond basic computer literacy, the workshop offers a comprehensive suite of skills, including financial and digital literacy—focused on using digital tools for business growth and personal finance management; cybersecurity and digital wellbeing—promoting online safety, data protection, and mental health resilience; and economic empowerment—unlocking opportunities in remote work, Business Process Outsourcing (BPO), and digital entrepreneurship.

Declaring the workshop open on behalf of the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, PhD, the Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, said the workshop underscores the crucial role spouses play in supporting public office holders. He described spouses as trusted advisers whose understanding of legislative responsibilities helps lawmakers perform more effectively.

He noted that the demanding nature of legislative work often places strain on family life, adding that empowering spouses with digital and leadership skills would strengthen their capacity to provide informed support and constructive feedback to their partners in public service. He urged participants to take full advantage of the training, stressing that continuous learning is essential in an increasingly digital world.

Kalu further observed that many spouses already lead humanitarian and development initiatives in their communities, and that the skills gained from the programme would enhance communication, strategic planning, and resource mobilisation, thereby deepening their contribution to community development and national growth.

In his welcome address, the NITDA Director‑General, Kashifu Inuwa, said the initiative aligns with the Federal Government’s drive to build a sustainable digital economy by ensuring that no group is excluded from digital opportunities due to skills gaps. He noted that the Renewed Hope Agenda of Bola Ahmed Tinubu places digitalisation and innovation at the heart of economic diversification and inclusive growth.

He added that NITDA is implementing a national digital literacy framework aimed at achieving 95 per cent digital literacy by 2030, driven through three key focus areas: integrating digital skills into formal education, upskilling public servants, and expanding community‑level digital inclusion.

Inuwa described women as critical drivers of Nigeria’s digital transformation, noting that empowering spouses of lawmakers with digital skills would strengthen leadership at home and positively influence legislative processes at the National Assembly. He explained that NITDA is working with the Ministry of Education and global technology partners to train teachers nationwide, while over 54,000 public servants are currently enrolled in the Agency’s digital literacy programmes.

He also stated that through community champions deployed across the 36 states and the Federal Capital Territory, millions of Nigerians are being reached annually with basic digital skills training, stressing that national leaders must not be left behind in Nigeria’s digital transition. According to him, digitally literate spouses can play a vital role in encouraging technology‑driven governance, including ongoing efforts to digitise legislative processes.

In her goodwill message, the Leader of HORSA and wife of the Speaker, House of Representatives, Hajiya Fatima Tajudeen Abbas, described the workshop as a historic milestone and the first comprehensive capacity‑building programme organised by the 10th Assembly for spouses of lawmakers. She noted that public life in a digital age now extends beyond physical spaces into online platforms, making digital and financial literacy, cyber protection, and digital wellbeing essential skills for spouses of national leaders.

Hajiya Abbas emphasised that the sessions on mental health, emotional resilience, entrepreneurship, and leadership were timely, as spouses of public office holders often shoulder invisible emotional responsibilities. According to her, empowering women economically strengthens families and communities, adding that the knowledge gained from the workshop would not only support lawmakers behind the scenes but also enable women to contribute more meaningfully to national development in the digital economy.

The event also featured goodwill messages and contributions from senior government officials, including the Chief of Staff to the President, Hon. Femi Gbajabiamila; the Honourable Minister of Women Affairs and Social Development, Hon. Imaan Sulaiman Ibrahim; the Chairperson of the Nigeria Governors’ Spouses’ Forum, Prof. (Mrs.) Olufolake Abdulrazaq; the Chairman of the House Committee on ICT, Hon. Stanley Olajide; the Chairperson of the House Committee on Women Affairs and Social Development, Hon. Kafilat Ogbara; and the Managing Director of the South-South Development Commission, Usoro Offiong Akpabio.


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