On Sep. 11, NGR CB issued circular on tracking electronic transactions.
NGR CB issued circular to all payment service providers (PSPs), on connectivity to payment terminal service aggregators (PTSAs).
Licensed PTSAs
Payment terminal service aggregator (PTSA) license granted to Nigeria Interbank Settlement System Plc (NIBSS) in Aug. 2011 to track electronic transactions.
To mitigate concerns on channeling all point of sale (PoS) transactions via a single aggregator, license also granted to Unified Payment Services Limited on Apr. 19, 2024.
Acquirers required to route all transactions from PoS terminals at merchant and agent locations, whether on physical or electronic PoS terminals, through any licensed PTSA.
PTSAs required to send PoS transactions only to processors certified by the relevant payment scheme, nominated by the acquirer and licensed by NGR CB.
All licensed processors must be integrated with both PTSAs, allowing acquirers the flexibility to choose between processor(s) / PTSAs.
Payment terminal service providers (PTSPs) must ensure PoS devices / applications are configured to route transactions through any PTSA, as directed by acquirer.
PTSPs shall submit monthly returns to NGR CB, detailing number of merchants and agents they manage, PTSA services used to route corresponding transactions.
Each PTSA required to submit monthly returns to NGR CB, detailing all transactions processed through their platforms.
Effectiveness
PSPs directed notify NGR CB CBN to confirm compliance with circular by Oct. 11, 2024.
