Regulatory Alerts2024-09-11 | PSD/MTC/INT/ADV/005/077Circular to All Payment Service Providers (PSPs) on Connectivity to Payment Terminal Service Aggregators
The Central Bank of Nigeria (CBN) issues a directive to all Payment Service Providers (PSPs) regarding connectivity with Payment Terminal Service Aggregators (PTSAs). As part of efforts to improve the electronic transaction tracking system, CBN licensed NIBSS and UPSL as PTSA operators. Pursuant to this, Acquirers are required to route all transactions from Point of Sale (PoS) terminals through either of these licensed PTSA providers. Additionally, licensed Processors should be integrated with both PTSAs for flexibility in choosing a suitable combination. Regular monthly reports on the number of managed merchants and agents, as well as transaction details, must be submitted to CBN. Non-compliance with this directive may result in appropriate sanctions.