The Central Bank of Nigeria (CBN) has mandated that all Point of Sale (PoS) transactions in Nigeria be routed through licensed Payment Terminal Service Aggregators (PTSAs).
This directive aims to improve the tracking and management of electronic transactions nationwide.
The CBN granted Unified Payment Services Limited a second PTSA license in April 2024, in addition to the existing license held by Nigeria Interbank Settlement System Plc since 2011. The move is intended to address concerns over routing all PoS transactions through a single aggregator.
Key directives include:
- Acquirers must channel PoS transactions—both physical and electronic—through either of the licensed PTSAs.
- PTSAs must only process transactions through certified and CBN-licensed processors nominated by the acquirers.
- Payment terminal service providers (PTSPs) are required to configure their PoS devices to integrate with the PTSA chosen by the acquirer and submit monthly reports detailing their operations.
- Each PTSA must also submit monthly transaction reports to the CBN’s Payments System Management Department.
The CBN warned that non-compliance with these regulations would lead to sanctions, while urging all relevant payment service providers to regularize their operations within 30 days.
Additionally, the Corporate Affairs Commission announced that all PoS operators must register with it by September 5, 2024.
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