The Central Bank of Nigeria (CBN) has issued a new directive requiring all Payment Service Providers (PSPs) to integrate their transactions through a Payment Terminal Service Aggregator (PTSA), in an effort to streamline and track electronic transactions in the country.
The directive follows the bank’s prior issuance of a PTSA licence to Unified Payment Services Limited (UPSL) in April, with the intent to mitigate concerns around the channelling of all Point of Sale (PoS) transactions through a single aggregator.
In the circular dated 11 September, signed by Oladimeji Taiwo, director of the payments system management department, the CBN outlined that acquirers must now route all PoS transactions from merchant and agent locations through a CBN-licensed PTSA.
