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CBN’s New PoS Transaction Guidelines Open Market for Multiple Processors

Vincent Amadi by Vincent Amadi
September 13, 2024
in Economy
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CBN’s New PoS Transaction Guidelines Open Market for Multiple Processors
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The Central Bank of Nigeria (CBN) has introduced new regulations for processing Point of Sale (PoS) transactions nationwide. It has mandated that all PoS transactions must now be routed through either the Nigeria Interbank Settlement System (NIBSS) or Unified Payment Services Limited (UPSL), effectively ending NIBSS’s monopoly on transaction processing.
In a circular dated September 11, 2024, addressed to all payment service providers regarding their connection to Payment Terminal Service Aggregators (PTSAs), the CBN instructed providers to begin aligning with the PTSAs and submit a written confirmation of compliance within 30 days.


The CBN had initially granted a PTSA license to NIBSS in August 2011 to help monitor electronic transactions in Nigeria. However, following concerns about the risks of routing all PoS transactions through a single aggregator, the CBN issued a second PTSA license to UPSL on April 19, 2024.
Now, five months after UPSL’s license was granted, the CBN has directed that all transactions from PoS terminals, whether physical or electronic, at merchant or agent locations, must be routed through any CBN-licensed PTSA.


The circular also stipulated that PTSAs must only route PoS transactions to processors certified by the appropriate Payment Scheme, chosen by the Acquirer, and licensed by the CBN. All processors must be integrated with both PTSAs, allowing Acquirers the flexibility to select their preferred Processor and PTSA.
Additionally, the CBN requires all Payment Terminal Service Providers (PTSPs) to ensure their PoS devices and software are configured to route transactions via any PTSA as specified by the Acquirer. PTSPs are also required to submit monthly reports to the CBN detailing the number of merchants and agents they manage, along with the PTSA services used.
Each PTSA must submit a monthly report to the CBN, listing all transactions processed through its platform. These reports must be submitted to the Director of the Payments System Management Department no later than seven days after the end of each month.

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Vincent Amadi

Vincent Amadi

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