By Milcah Tanimu
The Central Bank of Nigeria (CBN) has issued a new directive for Payment Service Providers (PSPs), effective September 11, 2024, to improve Point of Sales (PoS) transactions. This move is part of the CBN’s initiative to enhance payment terminal infrastructure and promote a competitive and secure payment ecosystem.
The directive, signed by Oladimeji Yisa Taiwo, mandates that all PoS transactions must be routed through CBN-certified Payment Terminal Service Aggregators (PTSAs). This change aims to improve oversight and ensure the security of payment data.
The restructuring replaces the previous single aggregator model with a diversified PTSA structure, designed to reduce risks and provide more robust electronic payment solutions. By introducing multiple aggregators, the CBN intends to address the growing need for secure and efficient payment systems in Nigeria.[CBN Official Circular](https://www.cbn.gov.ng)
This new policy is expected to impact both businesses and consumers, enhancing transaction transparency and resilience in the face of increased e-commerce and digital financial services.[Impact of Payment Service Providers](https://www.financialnigeria.com)
 introduces new PoS routing guidelines for Payment Service Providers to enhance security and competition.){kind=link}