The Central Bank of Nigeria has mandated all Payment Service Providers to route transactions from Point of Sale terminals, both physical and electronic, through an approved CBN-licensed Payment Terminal Service Aggregator.
The directive was contained in a statement by the CBN’s Payments System Management Department, which was issued on Thursday.
The directive, signed by Oladimeji Yisa Taiwo, is part of the CBN’s effort to enhance the monitoring and decentralisation of electronic transactions across Nigeria, addressing concerns about the centralisation of PoS transaction routing.
The CBN, in the directive, gave a 30-day compliance deadline for service providers to adhere to the new routing guidelines, adding that PoS transactions from merchant and agent locations must now be routed through any PTSA licensed by the CBN.
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It said: “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.”
The Eagle Online recalls that the latest directive comes after the September 5, 2024 deadline for PoS agents to formally register their businesses with the Corporate Affairs Commission.
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