In breaking news today, the Central Bank of Nigeria (CBN) has announced a new directive impacting all Point of Sale (PoS) businesses across the nation. According to Ogasabi’s report on 9am news, all PoS transactions must now be routed through authorized Payment Terminal Service Aggregators (PTSAs). This new rule enhances Nigeria’s electronic transaction tracking and management, ensuring greater transparency in the system.
Ogasabi, reporting for 9am news Nigeria, revealed that the CBN issued this directive via a circular posted on its website. In response to earlier concerns about routing all transactions through a single aggregator, the CBN awarded a second PTSA license to Unified Payment Services Limited on April 19, 2024. This step offers acquirers the flexibility to choose between two licensed PTSAs, streamlining payment processes.
The directive mandates that acquirers—who are responsible for handling payments from PoS terminals—route transactions through either the Nigeria Interbank Settlement System Plc, which has held a PTSA license since 2011, or Unified Payment Services Limited. As reported by Ogasabi on 9am news Nigeria, the CBN emphasized that licensed PoS operators must connect with both PTSAs, offering acquirers the freedom to choose their preferred service provider.
PTSPs & PoS
Additionally, all Payment Terminal Service Providers (PTSPs), tasked with maintaining PoS terminals, must ensure their systems are compatible with whichever PTSA the acquirers select. PTSPs must submit monthly reports to the CBN, detailing the number of merchants and agents they supervise. Furthermore, all PTSAs must report monthly on the transactions processed through their systems.
Ogasabi further shared on 9am news that the CBN has given PoS providers 30 days to regularize their PTSAs operations or face penalties. This follows a similar announcement from the Corporate Affairs Commission (CAC) in July, mandating that all PoS providers register with the commission by September 5.
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