CBN has directed Payment Terminal Service Aggregators (PTSAs) and Payment Terminal Service Providers (PTSPs) to submit their monthly returns no later than seven days after the end of each month.
CBN disclosed this in a circular to Payment Service Providers, PSPs, on connectivity to PTSAs signed by its Director, Payments System Management Department, Oladimeji Taiwo.
According to the apex bank, to track electronic transactions in Nigeria, a PTSA license was granted to Nigeria Interbank Settlement System Plc (NIBSS) in August 2011. Additionally, a second PTSA license was granted to Unified Payment Services Limited (UPSL) on April 19, 2024, to address concerns about channeling all PoS transactions through a single aggregator. The CBN has directed PTSPs to configure their PoS devices to route transactions through any PTSA as directed by the Acquirer and to submit monthly returns detailing the number of merchants and agents managed, along with the PTSA services used. Each PTSA is also required to submit monthly returns to the CBN detailing all transactions processed. These returns should be submitted not later than seven days after the end of each month to the Director, Payments System Management Department. PTSPs are directed to regularize with the PTSAs and confirm compliance with the CBN within 30 days from the date of the Circular.
