CBN Introduces New POS Regulation That Could Affect You

Special invitation

The Central Bank of Nigeria (CBN) has announced a new rule to make transactions safer and more transparent.

From now on, all payments made through Point of Sale (PoS) machines must go through a special company called a Payment Terminal Service Aggregator (PTSA).

This move is to prevent one company from controlling all PoS transactions and to make it easier for the Central Bank to monitor transactions.

Payment companies have 30 days to comply with the new rule.

After that, all PoS transactions must be routed through a CBN-licensed PTSA.

This is not the first time the Central Bank has taken steps to track electronic transactions.

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In 2011, it granted a license to Nigeria Interbank Settlement System Plc to do just that.

The new rule also requires PTSAs to send transactions to certified processors approved by the Central Bank.

This comes after a recent deadline for PoS agents to register their businesses with the Corporate Affairs Commission (CAC).

Meanwhile, The Faculty of the Social Sciences at Delta State University, Abraka, is set to hold a one-day public lecture and day tributes in honour of late Prof. Atare Otite, the immediate past Dean of the Faculty.

The event, which will feature a lecture titled “Fuel Subsidy Removal and the Condition of Women in Nigeria”, will take place on September 16th, 2024, at 11:00 AM at the Faculty’s Large Lecture Theatre in Site 3 of DELSU Abraka campus.