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POS: Central Bank Sets New Rules To Improve Deployment, Usage

All Naija Entertainment



CBN - Central Bank

The Central Bank of Nigeria (CBN) is taking steps meant to get more people embrace e-payment channels, especially Point of Sale (PoS) machine.

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The Nigeria Interbank Settlement System (NIBSS) data showed the total volumes of PoS transactions for 2017 stood at 146.3 million, which was worth N1.4 trillion; 285.9 million transactions in 2018 worth N2.3 trillion and 187.7 million for six months-January to June 2019 worth N1.4 trillion.

The apex bank has, therefore, reviewed the messaging format for PoS machine transactions to ensure more acceptance for the e-payment channel.

A statement signed by CBN Director, Payment System Management Department, Musa Jimoh, said the move was part of its commitment to facilitate the development of the payment system and deepen the adoption of various electronic payment options available to users.

The apex bank has also identified the predominant use of single messaging format for PoS transactions as an obstacle to the use of pre-authorisation as a mode of payment in Nigeria.

According to the apex bank, merchant acquirers are required to obtain Acquirer Device Validation certification or the applicable testing completion notification from the CBN licensed card schemes.

“By this directive, all PoS terminal must have the capability for transaction pre-authorisation and sales completion. All card issuers are required to build the capability and enable the processes for pre-authorisation and sales-completion of transactions. Card schemes are also required to provide online simulators for acquirers and issuers to test their systems, when necessary,” the circular said.

This circular takes immediate effect, but with a deadline of July 31, for full compliance, after which appropriate sanctions would be imposed for contraventions and non-compliance.

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