The Central Bank of Nigeria (CBN) has directed payment service providers to begin tracking all Point of Sale (PoS) transactions.
In a circular to all Payment
Service Providers (PSPs) on connectivity to payment terminal service
aggregators, the apex bank handed a 30-day deadline to PSPs to regularise with
Payment Terminal Service Aggregators (PTSA).
The circular, dated September
11, 2024, was signed by CBN’s Director of Payments System Management, Oladimeji
Taiwo.
It reads partly, “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 Provider
(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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