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Central Bank of Nigeria Mandates New Rules for Point of Sale Operators
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:
- 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.
- 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.
- Integration Requirements: Licensed processors must integrate with both licensed PTSAs. This allows acquirers to choose their preferred service providers, ensuring flexibility in transaction processing.
- 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.
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Mega-Coalition Alarm: Peter Obi and Kwankwaso’s Secret Meet With Dickson Sends Shockwaves Through 2027 Power Blocs! .
Amidst an internal leadership tussle within the OK Movement—a political coalition uniting the Kwankwassiyya and Obidient factions—Nigerian Democratic Congress (NDC) standard-bearers Peter Obi and Rabiu Kwankwaso recently held high-level talks with party National Leader Senator Seriake Dickson.....KINDLY READ THE FULL STORY HERE▶
The meeting, hosted at Dickson’s Abuja residence, comes as supporters grow increasingly anxious that factional disputes could undermine the coalition ahead of the 2027 general elections. While exact details of the rift remain under wraps, Dickson took to Facebook to reassure the public, stating that the discussions centered on party advancement and strategizing for political campaigns slated to kick off later this month. He strongly appealed to all stakeholders and members to maintain solidarity and focus on collective victory.
In a separate development, the Independent National Electoral Commission (INEC) has triggered controversy regarding the NDC’s Edo South senatorial candidate for the 2027 polls. The electoral portal displayed a mismatched profile featuring Sunny Aguebor’s photograph alongside Epelle-Asemota Bridgitte Osayuki’s name. Condemning the error as suspected internal sabotage, former Senate Chief Whip Rowland Owie insisted that Aguebor won the primary monitored by INEC and vowed that the discrepancies would be firmly challenged.
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Makinde Will Sell Nigeria If He Becomes President – APC.APC Drops A Blistering 2027 Bombshell!.
The All Progressives Congress (APC) in Oyo State has heavily criticized Governor Seyi Makinde, asserting that his management of state resources disqualifies him from aspiring to national leadership.....KINDLY READ THE FULL STORY HERE▶
Responding to Makinde’s recent criticisms of President Bola Tinubu’s economic agenda and his remarks regarding the upcoming 2027 presidential election, Oyo APC Publicity Secretary Wasiu Sadare issued a statement contrasting the leadership styles of both figures. The ruling party contended that President Tinubu has demonstrated the necessary courage to implement crucial economic reforms that have averted national collapse, earning praise from global institutions, whereas Makinde’s approach to governance falls short.
Furthermore, the APC alleged that Makinde has privatized numerous state assets over the past seven years, claiming that his governance track record indicates he would handle national resources similarly if given power.
This sharp exchange highlights escalating political friction as stakeholders position themselves for the 2027 electoral cycle, with the opposition criticizing federal economic hardships and the ruling party defending the administration’s long-term recovery strategy.
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“DANCE BATTLE OR POLITICS? Gov Uzodimma Drops Brutal Mockery, Tells Davido To Prepare To Hire Governor Adeleke As A Dancer!”
Imo State Governor and APC National Campaign Council Chairman for the Osun State governorship election, Hope Uzodimma, has dismissed an appeal by Afrobeats artist David Adeleke (Davido) regarding alleged interference in the upcoming August 15, 2026 poll.....KINDLY READ THE FULL STORY HERE▶
Davido—who leads the youth mobilization for his uncle, Governor Ademola Adeleke’s re-election—had earlier warned an unnamed Imo politician against turning the election into a battleground to prove political influence.
In a statement released by his Senior Special Assistant on Electronic and Creative Media, Ambrose Nwaogwugwu, Governor Uzodimma responded with the following key points:
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Misplaced Appeal: Uzodimma stated that Davido’s appeal was baseless and pedestrian, noting that familial ties to Imo State do not warrant targeting the Imo governor. He advised the singer to direct his concerns to the Osun electorate instead.
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Commitment to Peace: The Imo governor reiterated his consistent support for a peaceful, free, and credible electoral process, emphasizing that the APC campaign remains focused on its candidate, Bola Oyebamiji, through direct voter engagement.
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Critique of Adeleke’s Administration: Uzodimma slammed Governor Ademola Adeleke’s performance, claiming widespread public dissatisfaction would lead to an APC victory. He offered no specific polling data to back up these assertions.
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Parting Jibe: Advising Davido to prepare his uncle for life after office, the governor sarcastically suggested that Davido should consider signing the incumbent governor as a dancer in his music band following the expected defeat at the polls.
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