See more as CBN issues new rules for POS operators as withdrawal and deposit fee change

• The CBN has asked all PoS operators to channel transactions through licensed Payment Terminal Service Aggregators (PTSAs)
• The move is aimed at improving tracking of electronic transactions in the country with over N40trn recorded in 2023
• The CBN’s instruction reflects ongoing efforts to strengthen the regulatory framework for electronic payments in Nigeria

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has mandated all Point of Sale (PoS) operators to route their transactions through two licensed Payment Terminal Service Aggregators (PTSAs).

The PTSAs are Nigeria Interbank Settlement System Plc(NIBSS) and Unified Payment Services Limited are the licensed PTSAs

PoS operators asked to use aggregators Photo credit: Bloomberg/contributor
Source: Getty Images

In a circular posted on its website on Thursday, September 13, the CBN said the instruction is part of its efforts to enhance the tracking and management of electronic transactions in the country.

Before now, transactions were tracked only by Nigeria Interbank Settlement System Plc.

The CBN hopes that with the addition of Unified Payment Services Limited, the challenge of overrouting all transactions through a single aggregator will no longer be an issue.

PTSPs responsible for managing PoS terminals are also required to ensure their devices are compatible with the selected PTSA.

CBN new rules for PoS operators

Additionally, the CBN has also mandated monthly reporting from both PTSAs and Payment Terminal Service Aggregators (PTSA).

PTSAs must report the number of merchants and agents they manage, while PTSAs must submit details of all processed transactions.

Reports are due to the CBN's Payments System Management Department within seven days after the end of each month.

The CBN has also given all Payment Service Providers (PSPs) 30 days to regularize their operations with the PTSAs, warning that failure to comply with the directive will result in sanctions.

The move by CBN follows a recent announcement by the Corporate Affairs Commission on July 7, requiring all PoS operators to register with the commission before September 5.

PoS operators increase withdrawal, deposit fees

Legit.ng earlier reported that PoS operators adjusted their withdrawal and deposit charges following new Electronic Money Transfer Levy (EMTL) charges.

The federal government ordered Moniepoint, Palmpay, and other fintech companies to charge N50 on customers' accounts for every N10,000 deposit

The PoS attendant in response, increases their charges by passing the cost of EMTL to their customers.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Source: Legit.ng