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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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The Untold Truth: Fr. Mbaka Exposes The Secret Struggles Behind His Bold Endorsement Of Peter Obi!.
Rev. Fr. Ejike Mbaka, the Spiritual Director of the Adoration Ministry in Enugu, recently responded to critics by highlighting the significant risks he undertook to support Peter Obi during his impeachment as Governor of Anambra State. Speaking during a church program on Friday, Fr. Mbaka challenged the narrative that he has been a hindrance to the NDC presidential candidate.....KINDLY READ THE FULL STORY HERE▶
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Defending his history of support: Fr. Mbaka asserted that he played a critical, behind-the-scenes role in gathering the necessary documentation and organizing the efforts required to restore Obi to office after his impeachment.
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Criticizing fair-weather supporters: The cleric claimed that 99.9% of those now vocal in their support for the former governor had actually abandoned him during his impeachment ordeal.
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Challenging his critics: Fr. Mbaka insisted that the efforts he made for Obi during that period were far greater than what his current supporters could replicate, and he encouraged people to verify these events with individuals like Chris Uba and Ibeto, who were present at the time.
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Reaffirming his stance: He concluded by dismissing the criticism as uninformed, declaring that he has always been a solution rather than a problem and that he maintains a deep love for his people.
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“We Will Rig You!”: Peter Obi Issues Explosive Warning To INEC Over Alleged Election Manipulation!.
During a recent visit to Washington, D.C., Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), argued that the prevalence of election rigging in Nigeria is largely due to voters failing to actively defend their ballots. Obi emphasized that while candidates play a role in the process, credible outcomes ultimately depend on citizens remaining at their polling units to ensure votes are counted transparently. He criticized the “transactional” nature of Nigerian politics, suggesting that many voters prioritize other activities over the essential task of monitoring the electoral process. According to Obi, Nigeria’s primary challenge is poor political leadership, and he urged citizens to take collective ownership of their votes to demand the accountable governance required for the country to succeed.....KINDLY READ THE FULL STORY HERE▶
Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC), has called for increased citizen involvement in protecting electoral integrity. During a recent trip to Washington, D.C., Obi stated that election manipulation persists because voters frequently leave polling stations before the counting process is completed. He argued that:
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Voters must proactively defend their ballots at polling units to ensure transparency and prevent rigging.
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Nigeria’s fundamental obstacle is a crisis of political leadership, rather than a lack of natural or human resources.
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Real change requires Nigerians to move beyond passive participation and take active responsibility for the electoral process.
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“This Is The Only Way!”: Matawalle Drops Bombshell, Unveils The Ultimate Solution To Nigeria’s Security Crisis!.
Bello Matawalle, the Minister of State for Defence, recently stated that ending Nigeria’s insecurity requires a combination of collective national effort and divine intervention. In an interview with BBC Hausa, he emphasized that insecurity is a broad national concern that transcends political, religious, and regional lines, necessitating unified support from citizens, community leaders, and security agencies.....KINDLY READ THE FULL STORY HERE▶
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Call for Unity: The Minister urged Nigerians to prioritize national interest over partisan politics, noting that insecurity is not a tool for scoring political points.
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Criticism of Opposition: Matawalle accused certain opposition figures of exploiting the security situation to incite the public against the government and advance their own political agendas, rather than helping to address the crisis.
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Combating Misinformation: He raised alarm over the circulation of “fake and recycled” videos on social media—some dating back years or originating from other countries—which are falsely presented as current events to suggest worsening security under the Tinubu administration. He encouraged citizens to verify information before sharing it.
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Government Commitment: Highlighting that the Federal Government has ordered security forces to deal decisively with criminal elements, Matawalle acknowledged that while progress is being made, complex security challenges cannot be resolved overnight.
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Public Cooperation: He called for continued public patience, prayer, and the provision of actionable intelligence to security forces to help restore peace across the country.
The Minister’s comments come amid renewed public anxiety following reports of mass abductions at schools in Oyo and Borno states.
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