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Home Business & Finance

Central Bank of Nigeria Directs Payment Service Providers to Track PoS Transactions

Nnaemeka OkwarabyNnaemeka Okwara
September 12, 2024
in Business & Finance
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Central Bank of Nigeria Directs Payment Service Providers to Track PoS Transactions
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All Payment Service Providers have been directed by the Central Bank of Nigeria (CBN) to direct Point of Sale (PoS) transactions from their respective merchants and agents through the approved Payment Terminal Service Aggregator. The intention of this step is to improve monitoring of electronic payments within Nigeria and make PoS transaction routing more decentralized.

In a circular signed by Oladimeji Yisa Taiwo on behalf of the Payments System Management Department, the bank noted that from now on, all PoS transactions must be processed through any CBN-licensed Payment Terminal Service Aggregator. It emphasized the importance of using only processors authorized by the relevant Payment Scheme and nominated by the Acquirer to whom they are accredited.

This follows the expiration of the September 5th deadline for PoS agents to register and conduct business with the Corporate Affairs Commission (CAC). Furthermore, the CBN seeks to address issues surrounding fraud cases involving PoS terminals and determine if virtual forms of money are regulated.

Reports show that in 2023, PoS devices accounted for 26.37% of fraud incidents. The CBN has given Payment Service Providers a 30-day deadline to comply

Tags: central bankCentral Bank of Nigeria Directs Payment Service Providers to Track PoS Transactionsfederal characterNewsNigeriaposTransactions
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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