Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has officially started monitoring all Point of Sale (PoS) transactions.
This follows a directive from the CBN to Payment Service Providers.
In a circular dated September 11, 2024, and signed by CBN’s Director of Payments System Management, Oladimeji Taiwo, it directed all PSPs on connectivity to payment terminal service aggregators to regularise with Payment Terminal Service Aggregators (PTSA), within 30-days.
The circular, “As part of efforts to mitigate the concerns regarding channeling all Point of Sale (PoS) transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited (UPSL).”
The CBN then directed that “acquirers are henceforth required to route all transactions from PoS terminals at merchant and agent locations, whether on physical or electronic PoS terminals, through any CBN-licensed Payment Terminal Service Aggregator (PTSA).
“PTSAs are required to send PoS transactions to only Processors certified by the relevant Payment Scheme, nominated by the Acquirer and licensed by CBN.
“All licensed Processors must be integrated with both PTSAs, thereby allowing Acquirers the flexibility to choose which Processor(s) and PTSA to utilize 4. All Payment Terminal Service Providers (PTSPs) must ensure that their PoS devices and applications are configured to route transactions through any PTSA, as directed by the Acquirer.
“All PTSPs shall submit monthly returns to the CBN, detailing the number of merchants and agents they manage, along with the PTSA services used to route the corresponding transactions.
“Each PTSA is required to submit monthly returns to the CBN, detailing all transactions processed through their platforms.
“The returns mentioned in items (5) and (6) above are expected to be submitted to the Director. Payments System Management Department, not later than seven (7) days after the end of each month.
“Consequently, you are hereby directed to commence regularisation with the PTSAs and notify the CBN in writing to confirm compliance, within 30 days from the date of this Circular.
“Please be guided accordingly as non-compliance shall attract appropriate sanctions.”
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