Connect with us

latest

Central Bank of Nigeria Mandates New Rules for Point of Sale Operators

Published

on

Central Bank of Nigeria Mandates New Rules for Point of Sale Operators....KINDLY READ THE FULL STORY HERE▶

The Central Bank of Nigeria (CBN) has issued a directive requiring all Point of Sale (PoS) operators to route transactions through licensed Payment Terminal Service Aggregators (PTSAs). This move aims to enhance the tracking and management of electronic transactions across the country.

A circular released on the CBN’s website on Thursday outlined the details of this directive. The CBN indicated that this decision addresses concerns about channeling all PoS transactions through a single aggregator. To facilitate this change, a second PTSA license was granted to Unified Payment Services Limited on April 19, 2024.

New Guidelines for PoS Operators

The CBN’s directive includes the following key points:

  1. Transaction Routing: All acquirers must route transactions from PoS terminals, whether physical or electronic, through any CBN-licensed PTSA. This ensures that transactions are processed securely and efficiently.
  2. Certification of Processors: PTSAs are required to send PoS transactions only to processors that are certified by the relevant payment schemes, which are nominated by the acquirers and licensed by the CBN.
  3. Integration Requirements: Licensed processors must integrate with both licensed PTSAs. This allows acquirers to choose their preferred service providers, ensuring flexibility in transaction processing.
  4. Configuration Standards: Payment terminal service providers must configure their devices and applications to work seamlessly with any PTSA chosen by the acquirers.

Reporting Obligations

The CBN has also established reporting requirements for both PTSPs and PTSAs:

  • Monthly Reports from PTSPs: Each payment terminal service provider must submit monthly reports detailing the number of merchants and agents they manage, as well as the PTSA services utilized.
  • Monthly Reports from PTSAs: Each PTSA is required to submit comprehensive reports of all transactions processed through their platforms. These reports must be sent to the Director of the Payments System Management Department within seven days after the end of each month.

Compliance and Deadlines

The CBN has urged all Payment Service Providers (PSPs) to regularize their operations with the PTSAs within 30 days of the directive. The bank has warned that non-compliance with these new rules will result in appropriate sanctions.

Recent Developments in the Industry

In related news, the Corporate Affairs Commission announced on July 7 that all Point of Sale operators in Nigeria must register with the commission before September 5. This move is part of ongoing efforts to enhance the operational standards of PoS systems in the country.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

latest

“YOU SHALL FALL INTO THE PIT!” Natasha Blasts Akpabio With Fire And Fury Over Explosive Leaked Audio!

Published

on

Senator Natasha Akpoti-Uduaghan (representing Kogi Central) has publicly responded to the controversy surrounding Senate President Godswill Akpabio following the emergence of a leaked audio recording.....KINDLY READ THE FULL STORY HERE▶

According to reports, Akpoti-Uduaghan shared her stance via a Facebook post on Monday, September 21, 2026, where she alleged that Akpabio’s office has been distributing materials to media outlets for publication. Addressing the Senate President directly, she issued a stern warning that actions taken against her will ultimately backfire, writing:

“Dear Godswill Akpabio, Senate President of the Nigerian 10th Assembly… continue. Dear Punch Newspapers, Guardian Nigeria, and others… you may take the envelope and publish whatever Akpabio’s office sends to you. S.P. Akpabio, know that the pits you dig for me, you shall very well fall into.”

Context of the Leaked Audio

  • The Allegations: Her reaction follows fresh claims by U.S.-based activist Sandra Duru (also known as Prof Mgbeke), who published a nine-minute audio clip on social media.

  • The Recording: Duru claimed the audio features a male voice belonging to Akpabio and that he allegedly hired her to campaign against Akpoti-Uduaghan. This marks a shift from her 2025 claims, where she previously alleged that the Kogi senator tried to recruit her against the Senate President.

  • Further Disclosures: Duru indicated that this audio serves as a preview of more upcoming revelations regarding her purported dealings with Akpabio.

Continue Reading

latest

BLOCKBUSTER RULING: Appeal Court Flips Script On Magu’s EFCC Tenure In Stunning Legal Reversal!.

Published

on

The Court of Appeal in Abuja has set aside a previous Federal High Court ruling that validated Ibrahim Magu’s extended service as the acting Chairman of the Economic and Financial Crimes Commission (EFCC).....KINDLY READ THE FULL STORY HERE▶

The appellate court’s decision follows an appeal by Abuja-based lawyer and activist Johnmary Jideobi. He challenged Magu’s prolonged acting tenure after the Senate twice rejected his nomination for a substantive appointment.

Background of the Case

  • The Origin: Jideobi filed the initial suit in March 2017, arguing that Magu could not occupy the acting role indefinitely following his rejection by the Senate.

  • The 2019 High Court Ruling: Justice Ijeoma Ojukwu dismissed the suit, ruling that the EFCC Establishment Act contained a gap regarding the time limit for an acting chairperson, leaving the duration to presidential discretion.

  • The Appeal: Dissatisfied, Jideobi argued that keeping Magu in office violated statutory limits and that the acting appointment legally terminated once the Senate rejected his nomination.

Subsequent Developments

Magu’s tenure as acting chairman ultimately concluded in July 2020 following his suspension by former President Muhammadu Buhari over misconduct allegations, which Magu denied before an investigative panel.

Following his exit, Mohammed Umar Abba temporarily took over before Abdulrasheed Bawa was appointed as substantive chairman in February 2021. Bawa was later suspended in June 2023 by President Bola Tinubu, leading to the appointment of the current substantive chairman, Ola Olukoyede.

Continue Reading

latest

SCANDAL AT THE TOP: JAMB Fires Corrupt Staff Exposed In Shaking Extortion Ring!.

Published

on

The Joint Admissions and Matriculation Board (JAMB) has announced the dismissal of an employee found guilty of extorting candidates.....KINDLY READ THE FULL STORY HERE▶

In a bulletin released on Monday, September 21, 2026, the examination body stated that the staff member was sanctioned for exploiting unsuspecting candidates. JAMB emphasized that this action is part of broader measures to prevent officials from using their positions for personal gain and to protect the public from exploitation.

The board issued a strong warning to its entire workforce, stating that no employee, regardless of their status, would be shielded from disciplinary action for misconduct that compromises the integrity of the admission and examination process. JAMB reiterated its zero-tolerance policy for fraud, making it clear that both internal and external offenders will face the full consequences of their actions.

Continue Reading

Trending