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CBN Starts Tracking Of POS Transactions, Issues Directive To Service Providers

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By Kayode Sanni-Arewa

The Central Bank of Nigeria on Thursday ordered all Payment Service Providers to route all transactions from PoS terminals at merchant and agent locations — physical or electronic — through an approved CBN Payment Terminal Service Aggregator.

The directive was contained in a circular issued by Oladimeji Yisa Taiwo on behalf of the CBN’s Payments System Management Department.

The apex bank stated that all PoS transactions from merchant and agent locations must now be routed through any CBN-licensed PTSA.

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The circular also announced a 30-day deadline requiring service providers to comply with enhanced routing guidelines for point-of-sale transactions.

This move aims to strengthen the monitoring of electronic transactions across Nigeria and decentralise PoS transaction routing, addressing concerns about the centralisation of such transactions under a single entity.

The circular read, “To achieve the objective of tracking electronic transactions in Nigeria, the Central Bank of Nigeria, in August 2011, granted a Payment Terminal Service Aggregator licence to Nigeria Interbank Settlement System Plc. In furtherance of the above, the CBN hereby directs acquirers to route all transactions from PoS terminals at merchant and agent locations, whether on physical or electronic PoS terminals, through any CBN-licensed Payment Terminal Service Aggregator.”

“PTSAs are required to send PoS transactions to only processors certified by the relevant Payment Scheme, nominated by the Acquirer, and licensed by the CBN.”

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This development follows the expiration of the 5th September deadline for PoS agents to formally register their businesses with the Corporate Affairs Commission.

Although the directive was challenged in court, the CAC recently announced that it has commenced taking drastic actions, including shutting down PoS businesses that failed to register.

The directive on PoS business registration comes against the backdrop of frequent fraud incidents involving PoS terminals and the Central Bank of Nigeria’s plans to prevent trading in cryptocurrency or virtual currency.

According to a report by Nigeria Inter-Bank Settlement System Plc, PoS terminals accounted for 26.37% of fraud incidents in 2023.

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Senator Abaribe welcomes arrest of Simon Ekpa

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The lawmaker representing Abia South, Senator Abaribe, said the arrest of separatist agitator Simon Ekpa in Finland is a welcome development.

The lawmaker stated that the arrest would deter purveyors of violence in the southeast region from continuing the mayhem being unleashed in the region.

According to him, Ekpa and his supporters are hiding behind the Biafra agitation to perpetrate crimes in the region.

In an interview with Channels TV, Abaribe said: “The arrest of Simon Ekpa is something that is very very welcome because this will tell all those people at home, who are purveyors of violence and instigated by Simon Ekpa that he actually said that he is just a content creator and not a serious person.

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“We have always said that his activities in South East are totally wrong and not what Ndigbo stands for.

“The quest by the IPOB seeking non-violence referendum was turned by all these criminals. They are using IPOB to cause mayhem in the South-East.”

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Nigerian military kills several IPOB members, recovers bombs, pump-action guns

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The Nigerian military said its troops of Operation Udo Ka have neutralised several suspected members of the Indigenous People of Biafra, IPOB and its security wing, the Eastern Security Network, ESN, in Imo State.

The Nigerian Army Headquarters stated this in a post on its official Facebook page on Monday.

The post said the operation was carried out along the Ekeututu–Ihiteunansa Road in Orsu Local Government Area of the state.

According to the post: “During the operation, the troops encountered suspected IPOB/ESN members. In the ensuing engagement, several of the suspected criminals were neutralized.

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“Captured items included pump-action guns, improvised explosive devices (IEDs) and IED-making materials, as well as charms.

“The Acting Chief of Army Staff, Lieutenant General OO Oluyede, commended the troops for their gallantry and urged them to sustain their efforts in eliminating criminal elements from their hideouts.

“He also reassured the peace-loving people of the South East to carry on with their daily activities without fear.”

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Few Months After Retirement From Winners Chapel, Bishop David Abioye Launches New Ministry, Gives Reasons

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Bishop David Abioye has explained why he’s setting up his own ministry after leaving the Living Faith Church Worldwide, also known as Winners Chapel.

This is coming just after retirement from office as Vice President of Living Faith Church worldwide.

The revered cleric unveiled plans for a new spiritual platform titled Hour of Revival. The maiden edition of the Hour of Revival took place on Saturday at the Velodrome of the National Stadium in Abuja, drawing a large crowd of participants from diverse backgrounds.

Addressing the attendees, Bishop Abioye emphasized that the initiative was a divine directive.

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Bishop Abioye further clarified that the revival platform is not his personal project but an ordained mission by God.

He called on participants to embrace personal revival as a pathway to corporate revival, expressing his hope that everyone in attendance would be transformed into fire-catchers and fire-spreaders.

The Hour of Revival, which is open to both saved and unsaved individuals, serves as an interdenominational prayer platform to rekindle spiritual fire and inspire personal and collective renewal.

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