Politics
CBN Orders Service Providers To Begin Tracking PoS Transactions
CBN Orders Service Providers To Begin Tracking PoS Transactions....KINDLY READ THE FULL STORY HERE▶
The Central Bank of Nigeria (CBN) has issued a directive requiring all payment service providers to start tracking Point of Sale (PoS) transactions.
In a recent circular to all Payment Service Providers (PSPs) regarding their connectivity with Payment Terminal Service Aggregators (PTSAs), the CBN has set a 30-day deadline for PSPs to align with PTSAs.
The circular, dated September 11, 2024, and signed by Oladimeji Taiwo, Director of Payments System Management at the CBN, states, “To address concerns about consolidating PoS transactions through a single aggregator, the CBN granted a second PTSA license to Unified Payment Services Limited (UPSL) on April 19, 2024.”
The directive mandates that all PoS transactions from terminals at merchant and agent locations, whether physical or electronic, must be routed through a CBN-licensed PTSA.
“PTSAs must route PoS transactions only to processors that are certified by the relevant Payment Scheme, nominated by the Acquirer, and licensed by the CBN,” the circular reads.
It further instructs that all licensed Processors must be integrated with both PTSAs, giving Acquirers the option to select which Processor(s) and PTSA to use. Additionally, all Payment Terminal Service Providers (PTSPs) are required to configure their PoS devices and applications to route transactions through any PTSA as directed by the Acquirer.
PTSPs must also submit monthly reports to the CBN detailing the number of merchants and agents they manage, along with the PTSA services used for routing transactions. Similarly, each PTSA must submit monthly reports on all transactions processed through their platforms.
These reports must be submitted to the Director of the Payments System Management Department within seven days after the end of each month.
The CBN has directed PSPs to initiate their regularization with the PTSAs and confirm compliance in writing within 30 days of this circular’s date. Non-compliance will result in appropriate sanctions.
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