The Central Store of Nigeria has directed that each one Level of Sale operators will have to course transactions via approved fee terminal provider aggregators.
A round posted at the CBN’s site on Thursday mentioned that the proceed was once geared toward bettering the monitoring and control of digital transactions within the nation.
“As a part of efforts to mitigate the worries relating to channelling all Level of Sale transactions via a unmarried aggregator, the CBN on April 19, 2024, granted a 2nd PTSA licence to Unified Cost Services and products Restricted.
“In furtherance of the above, the CBN hereby directs as follows: 1 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 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 apex storage famous.
It famous that the Nigeria Interbank Agreement Gadget Plc was once granted a PTSA licence in 2011 to deal with the aggregation of PoS transactions.
On the other hand, to deal with considerations about routing all transactions via one aggregator, the CBN granted a 2nd PTSA licence to Unified Cost Services and products Restricted previous this month in April.
“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. As part of efforts to mitigate the concerns regarding channelling all Point of Sale transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited.”
The CBN has urged that each one acquirers, the establishments answerable for processing bills from PoS terminals, will have to channel transactions via any of the 2 approved aggregators.
As well as, approved processors are required to combine with each PTSAs to present acquirers the versatility to make a choice their most well-liked provider suppliers.
It famous that fee terminal provider suppliers, answerable for deploying and managing PoS terminals, will have to safeguard their gadgets and packages are configured to paintings with any PTSA selected by way of the acquirers.
In keeping with the CBN, PTSPs also are required to put up per thirty days studies to the CBN, detailing the selection of traders and brokers they govern, in addition to the PTSA products and services old.
In a similar way, the CBN has mandated that every PTSA put up per thirty days studies of all transactions processed via their platforms.
In keeping with the apex storage, the studies will have to be submitted to the director of the Bills Gadget Control Segment inside of seven days next the top of every age.
The CBN advised all PSPs to regularise their operations with the PTSAs inside of 30 days, ultimatum that non-compliance with the directive would draw in suitable sanctions.
Recall that the Company Affairs Fee introduced on July 7 that each one Level of Sale operators within the nation will have to sign up with it sooner than September 5.