0 Shares 90 Views

CBN Orders Service Providers to Begin Tracking PoS Transactions

gisthub Sep 13, 2024
0 91

The Central Bank of Nigeria (CBN) has mandated that payment service providers start tracking all Point of Sale (PoS) transactions.

In a circular issued to all Payment Service Providers (PSPs) concerning their connectivity with Payment Terminal Service Aggregators (PTSA), the CBN has given a 30-day deadline for PSPs to formalize their arrangements with PTSA.

The circular, dated September 11, 2024, was signed by Oladimeji Taiwo, Director of Payments System Management at the CBN.

The circular reads in part:

“As part of efforts to address concerns about channeling all Point of Sale (PoS) transactions through a single aggregator, the CBN granted a second PTSA license to Unified Payment Services Limited (UPSL) on April 19, 2024.”

The CBN has 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 route PoS transactions only to Processors certified by the relevant Payment Scheme, nominated by the Acquirer, and licensed by the CBN. All licensed Processors must be integrated with both PTSAs, allowing Acquirers flexibility in choosing which Processor(s) and PTSA to use.”

“All Payment Terminal Service Providers (PTSPs) must ensure that their PoS devices and applications are configured to route transactions through any PTSA as directed by the Acquirer. PTSPs must submit monthly reports to the CBN detailing the number of merchants and agents they manage, along with the PTSA services used for routing transactions.”

“Each PTSA is required to submit monthly reports to the CBN detailing all transactions processed through their platforms. The returns mentioned in items (5) and (6) must be submitted to the Director of Payments System Management Department no later than seven (7) days after the end of each month.”

“Consequently, you are directed to begin regularizing 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 will result in appropriate sanctions.”

You may be interested

I Won’t Steal To Please You – Niger State House Of Reps Member Tells Constituents
Government
0 shares7 views

I Won’t Steal To Please You – Niger State House Of Reps Member Tells Constituents

gisthub - Apr 02, 2025

He emphasized that while he is committed to serving his constituents, he will not engage in corrupt practices to fund projects. Speaking to…

Bob Lee’s Family Sues His Killer And Relatives For Conspiracy, Evidence Tampering
General
0 shares7 views

Bob Lee’s Family Sues His Killer And Relatives For Conspiracy, Evidence Tampering

gisthub - Apr 02, 2025

The family of slain Cash App founder Bob Lee has filed a lawsuit against his killer, Nima Momeni, and Momeni’s relatives, accusing them…

NNPCL Welcomes Ojulari, Says Farewell To Kyari
General
0 shares7 views

NNPCL Welcomes Ojulari, Says Farewell To Kyari

gisthub - Apr 02, 2025

The management and staff of NNPC Limited have extended a warm welcome to the newly appointed Group Chief Executive Officer, Mr. Bayo Ojulari,…

Leave a Comment

Your email address will not be published.

Most from this category