In order to achieve the objective of tracking electronic transcations in Nigeria, the Central Bank of Nigeria (CBN) in August 2011granted a Payment Terminal Service Aggregator (PTSA) license to Nigeria Interbank Settlement System Plc (NIBSS). As part of efforts to mitigate the concerns regarding channelling all point of sale (PoS) transactions through a single aggregato, the CBN on April 19, 2024, the CBN granted second PTSA license to Unified Payment Services Limited (UPSL).
In furtherance to the above, the CBN hereby directs as follows:
- Acquirers are henceforth required to route all transactions from PoS terminals at merchant and agent locations, whether on physical or electronic PoS terminals, through any CBN-licensed Payment Terminal Service Aggregator (PTSA).
- PTSAs are required to send PoS transactions to only Processors certified by the relevant Payment Scheme, nominated by the Acquirer and licensed by CBN.
- All licensed processors must be integrated with both PTSAs thereby allowing acquirers the flexibility to choose which Processor(s) and PTSA to utilize.
- All Payment Terminal Service Aggregator (PTSAs) must ensure that their PoS devices and applications are configured to route transactions through any PTSA as directed by the Acquirer.
- All PTSAs shall submit monthly returns to the CBN detailing the number of merchants and agents they manage and the PTSA services used to route the corresponding transactions.
- Each PTSA is required to submit monthly returns to the CBN detailing all transactions processed through their platforms.
- The returns mentioned in items (5) and (6) above are expected to be submitted to the director payments system management department not later than seven (7) days after the end of each month.
The Central Bank of Nigeria (CBN) further directed all PSPs to commence regularisation with the PTSAs and notify the CBN to confirm compliance within 30 days of the circular date, as non-compliance will attract appropriate sanctions.
