The Central Bank of Nigeria (CBN) has issued a directive requiring all payment service providers (PSPs) to commence tracking all Point of Sale (PoS) transactions.
This move is aimed at improving the transparency and efficiency of the payment system in Nigeria.
In a circular dated September 11, 2024, and signed by Oladimeji Taiwo, CBN's Director of Payments System Management, the apex bank outlined the new requirements for PSPs.
The circular states, "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)."
To address these concerns, the CBN has mandated that all acquirers must route PoS transactions from merchant and agent locations through any CBN-licensed Payment Terminal Service Aggregator (PTSA).
The directive further specifies that "PTSAs are required to send PoS transactions to only Processors certified by the relevant Payment Scheme, nominated by the Acquirer and licensed by CBN."
The CBN has given PSPs a 30-day deadline to comply with this new regulation. Failure to do so will attract appropriate sanctions.
The circular emphasizes, "All licensed Processors must be integrated with both PTSAs, thereby allowing Acquirers the flexibility to choose which Processor(s) and PTSA to utilize."
Additionally, all Payment Terminal Service Providers (PTSPs) must ensure their PoS devices and applications are configured to route transactions through any PTSA as directed by the Acquirer.
Monthly returns detailing the number of merchants and agents managed, along with the PTSA services used, must be submitted to the CBN. Each PTSA is also required to submit monthly returns detailing all transactions processed through their platforms.
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