The Central Bank of Nigeria (CBN) has directed Payment Terminal Service Aggregators (PTSAs) and Payment Terminal Service Providers (PTSPs) to submit monthly returns not later than seven days after the end of every month.
CBN disclosed this in a circular signed by its Director, Payments System Management Department, Oladimeji Taiwo to PSPs, on connectivity to PTSAs, on Friday.
According to the apex bank, in order to achieve the objective of tracking electronic transactions in Nigeria, it had in August 2011, granted a PTSA licence to Nigeria Interbank Settlement System Plc (NIBSS).
It also noted that as part of efforts to mitigate the concerns regarding channeling all Point of Sale (PoS) transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited (UPSL).
It added: “In furtherance of the above, the CBN hereby directs among other things as follows: All PTSPs must ensure that their PoS devices and applications are configured to route transactions through any PTSA, as directed by the Acquirer; All PTSPs shall submit monthly returns to the CBN, detailing the number of merchants and agents they manage, along with 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.
“Consequently, you are hereby directed to commence regularisation with the PTSAs and notify the CBN in writing to confirm compliance, within 30 days from the date of this Circular”.