🎧 Listen Live The Beat 99.9 FM

Live on air

CBN Releases New Directive for POS Transactions

CBN Releases New Directive for POS Transactions

News

September 13, 2024

Central Bank of Nigeria has released a new directive to Payment Service Providers, requiring them to comply with enhanced routing guidelines for Point of Sale (POS) transactions.

A circular by Oladimeji Taiwo on behalf of the CBN’s Payments System Management Department, which says the move is aimed at strengthening the monitoring of electronic transactions across Nigeria, also indicated a 30-day deadline requiring service providers to comply with enhanced routing guidelines for Point of Sale transactions. 

In a circular, the apex bank mandates that all POS transactions from merchant and agent locations—whether physical or electronic—must now be routed through any CBN-licensed Payment Terminal Service Aggregator structure.

READ ANOTHER RECENT STORY HERE: https://thebeat99.com/tinubu-approves-research-grant-of-federal-universities/