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

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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.

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‘He Has Remembered The Poor’ – Oshiomhole Speaks On Tinubu’s ₦70,000 Allowance,

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The Senator representing Edo North, Adams Oshiomhole, has praised President Bola Tinubu’s administration, insisting that the government is performing well and deserves recognition for its efforts.....KINDLY READ THE FULL STORY HERE▶

Oshiomhole specifically pointed to the approval of an additional ₦70,000 transport allowance for workers, saying the decision demonstrates the President’s concern for the welfare of ordinary Nigerians.

The former Edo State governor made the remarks on Thursday during an appearance on Channels Television’s Politics Today.

He argued that the allowance would provide significant relief to low-income earners, particularly workers who previously earned ₦70,000 monthly.

“I think this government is doing well. If a man who was on ₦70,000 now is given ₦70,000 addition that makes it ₦140,000 for him it’s a hundred percent increase and if you know what ₦10,000 means for the real masses, you’ll appreciate that Tinubu has shown that he cares,” Oshiomhole said.

The Federal Government approved the monthly ₦70,000 transport support for workers across all levels for an initial six-month period beginning in November 2026.

The decision followed a meeting with the Nigeria Labour Congress (NLC) on October 27.

During the interview, Oshiomhole also criticised the administration of former President Olusegun Obasanjo, under which former Vice President Atiku Abubakar served.

He alleged that the administration struggled to guarantee the regular payment of workers’ salaries.

The senator further argued that the 2027 presidential election would offer Nigerians a choice between Tinubu, whom he credited with unifying the exchange rate, and Atiku, whose administration he accused of maintaining multiple exchange rates that favoured people based on their connections.

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Man United Owner Avram Glazer Makes Stunning Admission About Winning Trophies.

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Manchester United co-owner Avram Glazer has maintained that the club can continue to enjoy commercial success even without winning major trophies, a position that could further upset supporters unhappy with the team’s recent performances.....KINDLY READ THE FULL STORY HERE▶

The 66-year-old American businessman made the remarks at Deutsche Bank’s inaugural Sports Investment Conference in London, where he discussed the connection between a football club’s performances on the pitch and its financial value.

According to The Athletic, Glazer argued that Manchester United’s commercial strength is not necessarily dependent on winning silverware.

He reportedly cited American sports franchises such as the New York Yankees and Dallas Cowboys, which have retained their global commercial appeal despite going through lengthy periods without winning major trophies.

Glazer, who has been involved in Manchester United’s ownership since 2003, believes the club can continue generating significant revenue even when its performances on the pitch fail to meet expectations.

His position is similar to comments previously made by former United executive vice-chairman Ed Woodward, who told investors in May 2018 that the team’s performances had little meaningful impact on the club’s commercial operations.

Despite their recent difficulties, Manchester United remain the third most valuable football club in the world, according to Forbes, behind Real Madrid and Barcelona.

Glazer’s comments come amid growing frustration among United supporters over the club’s ownership and performances. Fans have repeatedly staged protests against the Glazer family, including during the club’s recent Champions League encounter with Roma.

United ended a nine-match winless run with a dramatic 3-2 comeback victory over the Italian side. Matias Soule and Donyell Malen had put Roma ahead before Bruno Fernandes converted a penalty and Matheus Cunha scored twice to complete the turnaround.

However, Cunha was sent off during stoppage time and needed an escort off the pitch after the final whistle.

Despite the European victory, Manchester United remain close to the Premier League relegation zone, with only goal difference separating them from the bottom three.

Manager Michael Carrick is under increasing pressure to improve the team’s results, with United scheduled to host Aston Villa on Sunday.

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Boko Haram Deal: What Defence Headquarters Says About Alleged Agreement With FG.

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The Defence Headquarters (DHQ) has denied reports that the Federal Government reached a ceasefire agreement with Boko Haram, the Islamic State West Africa Province (ISWAP) or other criminal groups operating across the country.....KINDLY READ THE FULL STORY HERE▶

The denial follows a report alleging that the Federal Government entered into a secret peace deal with the faction of Boko Haram led by Bakura Doro. The report claimed the alleged agreement was responsible for the relative calm recorded in parts of the North-East over the past three months.

However, speaking during a joint security briefing in Abuja, the Director of Defence Information, Major General Samaila Uba, dismissed the claims, insisting that no ceasefire arrangement existed with the terrorists.

Uba maintained that military operations against insurgents, kidnappers and other armed criminal groups would continue nationwide.

He said, “On the issue of whether there is a ceasefire with Boko Haram, I want to make it clear that there is nothing like a ceasefire.

“Considering the terrorists neutralised, suspects arrested, victims rescued and other successes recorded across our operations, it is clear that we are not relenting.

“We will continue to sustain pressure on these criminal elements.”

The defence spokesman explained that the military’s operations were not limited to Boko Haram and ISWAP but also covered kidnappers and other armed groups threatening the lives and security of Nigerians.

“Our operations are not limited to Boko Haram or ISWAP. They also target kidnappers and other criminal elements who take up arms against innocent citizens,” he stated.

He warned that anyone involved in criminal activities would face lawful military action or be brought before the courts.

“Anyone involved in criminal activities that threaten the lives and security of Nigerians will either be eliminated through lawful military operations or brought to justice,” Uba added.

Addressing reports that insurgents were moving into areas where they had previously been less active, Uba described the development as an indication of the impact of ongoing military operations.

He, however, stressed that the Armed Forces were not taking the situation lightly, adding that efforts were underway to identify locations where the insurgents might have relocated to prevent them from establishing new bases.

“The fact that some of them are leaving their former locations is a testimony to the successes of our operations. However, I assure you that we are not taking the situation lightly,” he said.

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