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CBN Enforces New PoS Transaction Rules with 30-Day Compliance Deadline for PSPs

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The Central Bank of Nigeria (CBN) has instructed all Payment Service Providers to route Point of Sale (PoS) transactions through an approved Payment Terminal Service Aggregator (PTSA) to enhance transaction monitoring and decentralize routing.

Providers have 30 days to comply with these new guidelines. The move aims to strengthen oversight of electronic transactions and address centralization concerns. The directive, issued by Oladimeji Yisa Taiwo, mandates that all PoS transactions from merchant and agent locations must go through CBN-licensed PTSAs.

This decision follows recent issues with PoS business registration and fraud incidents, with PoS terminals being linked to a significant percentage of fraud cases in 2023.

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