CBN Gives 30 Days Ultimatum For Service Providers To Track POS Transactions
By Sunday Etuka, Abuja
The Central Bank of Nigeria (CBN) has directed all Payment Service Providers (PSIs) to route all transactions from Point Of Sale (POS) terminals at merchant and agent locations, whether on physical or electronic POS terminals, through CBN-licensed Payment Terminal Service Aggregator (PTSA).
In a Circular issued on Thursday by the Director, Payment System Management Department of the CBN, Oladimeji Taiwo, the apex bank also directed them to commence regularisation with the PTSAs and notify it in writing to confirm compliance, within 30 days from the date of this Circular.
According to the Circular, CBN said, “PTSAs are required to send POS transactions to only Processors certified by the relevant Payment Scheme, nominated by the Acquirer and licensed by CBN.
“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.
“All PTSPs shall 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.
“Each PTSA is required to submit monthly returns to the CBN, detailing all transactions processed through their platforms.
“The returns mentioned in items (5) and (6) above are expected to be submitted to the Director, Payments System Management Department, not later than seven (7) days after the end of each month”, it said.
CBN, however, warned that non-compliance would attract appropriate sanctions.
