The Central Bank of Nigeria, (CBN) has mandated all acquirers, processors, payment terminal service aggregators and providers to establish dual connectivity with the Nigeria Inter-Bank Settlement System (NIBSS) and Unified Payment Services Limited (UPSL) within one month. The new directive aims to eliminate persistent Point of Sale (PoS) transaction failures. The directive, contained in circular signed by the CBN’s Director of Payments system Supervision department, Rakiya Yusuf, builds on a September 2024 policy to end reliance on single routing channels that have plagued the nation’s cashless payments ecosystem. Under the…
Read MoreCBN directs PoS providers to link NIBSS, UPSL in 30 days
