The Central Bank of Nigeria (CBN) has issued a directive requiring all Point of Sale (PoS) operators to route transactions through licensed payment terminal service aggregators (PTSAs) within one month. This move aims to enhance the tracking and management of electronic transactions in the country.
The CBN has granted licenses to two PTSAs, Nigeria Interbank Settlement System Plc and Unified Payment Services Limited, to handle the aggregation of PoS transactions. Acquirers must channel transactions through either of these licensed aggregators, while licensed processors must integrate with both PTSAs to provide flexibility.
Payment terminal service providers (PTSPs) must configure their devices and applications to work with any PTSA chosen by acquirers and submit monthly reports to the CBN. Each PTSA must also submit monthly reports of all transactions processed through their platforms.
The CBN has urged all payment service providers (PSPs) to regularize their operations with the PTSAs within 30 days, warning that non-compliance will attract appropriate sanctions.
