The Central Bank of Nigeria (CBN) has instructed all Payment Service Providers (PSPs) to begin tracking Point of Sale (PoS) transactions, setting a 30-day deadline for compliance with Payment Terminal Service Aggregators (PTSA).
The directive, issued in a circular dated September 11, 2024, was signed by the CBN’s Director of Payments System Management, Oladimeji Taiwo.
To address concerns about routing all PoS transactions through a single aggregator, the CBN had granted a second PTSA licence to Unified Payment Services Limited (UPSL) in April 2024.
The apex bank mandated that all PoS transactions, whether physical or electronic, must now be routed through any CBN-licensed PTSA.
The circular also requires that PTSAs only process transactions through CBN-certified and licensed processors, providing acquirers the flexibility to choose their preferred PTSA and processor.
Payment Terminal Service Providers (PTSPs) are instructed to configure PoS devices to comply with this routing requirement.
Additionally, PTSPs must submit monthly reports to the CBN detailing the number of merchants and agents managed, along with the PTSA services used for each transaction. PTSAs are also required to submit detailed monthly transaction reports to the CBN, seven days after the end of each month.
The CBN emphasized that PSPs must complete their regularization process with PTSAs and confirm compliance in writing within 30 days.
The circular warned that non-compliance would attract appropriate sanctions.
