Central Bank of Nigeria has directed all Payment Service Providers (PSP) to track all transactions from PoS terminals at merchant and agent locations.
CBN ordered that this should be done physical or electronic — through an approved CBN Payment Terminal Service Aggregator.
The apex bank stated this in a circular signed by Oladimeji Yisa Taiwo on behalf of the CBN’s Payments System Management Department on Thursday, noting that all PoS transactions from merchant and agent locations must now be routed through any CBN-licensed PTSA.
The circular read, “To achieve the objective of tracking electronic transactions in Nigeria, the Central Bank of Nigeria, in August 2011, granted a Payment Terminal Service Aggregator licence to Nigeria Interbank Settlement System Plc. In furtherance of the above, the CBN hereby directs acquirers 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.”
“PTSAs are required to send PoS transactions to only processors certified by the relevant Payment Scheme, nominated by the Acquirer, and licensed by the CBN.”
It also issued a 30-day deadline requiring service providers to comply with enhanced routing guidelines for Point of Sale transactions.
This development follows the expiration of the 5th September deadline for PoS agents to formally register their businesses with the Corporate Affairs Commission.
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