The Central Bank of Nigeria (CBN) has ordered Payment Service Providers to route all Point-of-Sale (POS) transactions via approved CBN-licensed Payment Terminal Service Aggregators (PTSA).
This was detailed in a circular issued by Oladimeji Yisa Taiwo of CBN’s Payment System Management Department, with a 30-day deadline for compliance.
The directive is aimed at strengthening the monitoring of electronic transactions and decentralizing transaction routing.
This move follows recent fraud concerns and the expiration of the September 5th deadline for POS agent business registration, resulting in shutdowns of non-compliant businesses.
