THE NATION
Records of all Point of Sale (PoS) transactions are to be submitted every month henceforth, the Central Bank of Nigeria (CBN) said yesterday.
The apex bank has already directed two licensed Payment Terminal Service Aggregators (PTSAs) – Nigeria Interbank Settlement System PIc (NIBSS) and Unified Payment Services Limited (UPSL) – to carry out the directive.
According to the apex bank, the NIBSS and UPSL are to submit monthly returns to the CBN, detailing the number of merchants and agents they manage, along with the PTSA services used to route the corresponding transactions.
In a circular to all PSPs released yesterday and signed by Director, Payments System Management Department, Oladimeji Taiwo, the apex bank said each of PTSA is required to submit monthly returns to the CBN, detailing all transactions processed through their platforms.
The circular reads: “In order to achieve the objective of tracking electronic transactions in Nigeria, the Central Bank of Nigeria (CBN) in August 2011, granted a Payment Terminal Service Aggregator (PTSA) licence to Nigeria Interbank Settlement System PIc (NIBSS).
“As part of efforts to mitigate the concerns regarding channeling all Point of Sale (PoS) transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited (UPSL).”
The apex bank also directed acquirers to henceforth 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).
It directed that PTSAs are required to send PoS transactions to only Processors certified by the relevant payment scheme, nominated by the Acquirer and licensed by CBN.
The circular added: “All licensed Processors must be integrated with both PTSAS, thereby allowing Acquirers the flexibility to choose which Processor(s) and PTSA to utilize.
“All Payment Terminal Service Provider (PTSPs) must ensure that their PoS devices and applications are configured to route transactions through any PTSA, as directed by the Acquirer.”
Also, the returns are expected to be submitted to the Director, Payments System Management Department, not later than seven days after the end of each month.
“Consequently, you are hereby directed to commence regularisation with the PTSAs and notify the CBN in writing to confirm compliance, within 30 days from the date of this Circular,” the apex bank said.
THIS STORY FIRST APPEARED IN THE NATION
