Regulatory Alerts2011-08-12 | BPS/DIR/GEN/CIR/02/014GUIDELINES ON POINT OF SALE (POS) CARD ACCEPTANCE SERVICES
The CBN guidelines for POS terminals in Nigeria outline detailed specifications and standards for new and existing point of sale (POS) terminals, including minimum hardware and software requirements. These guidelines aim to enhance payment system security, interoperability, and efficiency. Important aspects include compliance with EMV (Europay, MasterCard, Visa) global standard, PIN Entry Device (PED) security requirements, and Payment Application Data Security Standard (PA-DSS). Compliance timelines are also set for different segments of the industry. The guidelines emphasize the need for secure transactions with robust encryption methods, interconnectivity between networks, and hot lists to prevent fraudulent use of cards. Additionally, it specifies requirements for POS terminals, including power supply, printer support, multi-application capabilities, customization options, and compatibility with other technologies such as NFC and Bluetooth. These guidelines represent a comprehensive approach towards improving the security and efficiency of Nigeria's payment system, ensuring that all parties involved adhere to strict standards to protect both businesses and consumers alike.