Business
CBN Says All PoS Payments Must Go Through Approved Companies
The Central Bank of Nigeria (CBN) has issued a new directive requiring all Payment Service Providers to route transactions from point-of-sale (PoS) terminals, whether at merchant or agent locations, through an authorized Payment Terminal Service Aggregator (PTSA).
This applies to both physical and electronic PoS transactions.
This mandate was announced in a circular released on Thursday, signed by Oladimeji Yisa Taiwo on behalf of the Director of the CBN’s Payments System Management Department.
The apex bank has given Payment Service Providers a 30-day window to fully comply with the revised guidelines for handling PoS transactions.
The CBN explained that the decision aims to improve oversight of electronic transactions throughout Nigeria and decentralize the process of routing PoS transactions.
This move is intended to address concerns about the over-centralization of these transactions under a single entity, ensuring a more secure and efficient payment infrastructure.
The circular stated, “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.”
Furthermore, these aggregators are required to process transactions only through payment processors certified by the relevant Payment Scheme and licensed by the CBN, as chosen by the acquirer.
This new directive comes at a time when the Corporate Affairs Commission (CAC) had just concluded its deadline for PoS operators to formalize their businesses, which expired earlier in September 2024.
With this regulatory shift, the CBN seeks to establish clearer accountability in the PoS transaction space.
In recent data from the Nigeria Inter-Bank Settlement System Plc (NIBSS), PoS terminals accounted for 26.37% of Nigeria’s fraud incidents in 2023, highlighting the need for stronger oversight and security measures in this growing sector.
It’s worth noting that the CBN had already licensed NIBSS as a Payment Terminal Service Aggregator back in 2011 to monitor and track electronic transactions across the country.
This latest directive is seen as a reinforcement of the CBN’s commitment to ensuring the integrity and security of Nigeria’s payment systems.
With the increasing reliance on PoS terminals for transactions across the nation, this move is expected to boost trust in electronic payment systems, reducing fraud risks and providing a more decentralized, secure framework for handling transactions.
Payment Service Providers are now working against the clock to comply with the new guidelines within the given timeframe, signaling a significant shift in Nigeria’s payment landscape.
Business
Hamster Kombat Unveils Anti-Cheating Plan
Hamster Kombat has introduced a new anti-cheating strategy to ensure fair play and protect dedicated players. The initiative targets those attempting to manipulate the game for extra benefits, issuing a “cheating is bad” warning that could affect their positions for the airdrop distribution on September 26. The team emphasized the importance of rewarding honest players and creating a secure environment.
As Season 1 of the Telegram-based Web3 game ends on September 20, Hamster Kombat will take a snapshot of the game’s activities to determine airdrop eligibility. The game, which has over 300 million users, is focused on maintaining fairness ahead of its upcoming Season 2 launch.
Business
Binance Launches ‘Moonbix’ on Telegram
Binance announced the upcoming launch of “Moonbix,” a play-to-earn (P2E) game on Telegram’s Mini App. In this game, players explore galaxies, collect items, and earn crypto rewards. Although the game leaked early, Binance is fine-tuning it for an official release and warned users to stay cautious of impersonation scams.
Telegram Mini Apps, introduced in 2023, have seen massive engagement, with popular apps like Hamster Kombat driving crypto adoption. Telegram’s integration with The Open Network (TON) has further contributed to this growth.
Business
Nigeria Earned $1.2bn from Telecom Licenses, Says Obasanjo
The Federal Government generated around $1.2 billion from telecom license fees during the early stages of mobile technology in Nigeria, with major operators like MTN, Globacom, Econet (now Airtel), and Etisalat (now 9mobile) contributing to the sum.
These fees were instrumental in laying the foundation for the country’s telecom industry, which officially began in 2000.
The sector has since become a key driver of Nigeria’s economic growth.
Former President Olusegun Obasanjo highlighted this achievement during a book launch held in Lagos on Tuesday.
He reflected on how the licensing of these operators marked a pivotal moment in Nigeria’s technological and economic development, allowing the country to leap into the era of mobile communication.
Obasanjo acknowledged the critical role these funds played in shaping the telecom industry, which has become one of the most significant sectors in the nation’s economy today.
The successful auction of these telecom licenses provided the capital necessary to build the infrastructure and networks that have connected millions of Nigerians, driving economic activity and fostering innovation across various industries.
-
News3 months ago
Abba Kyari, Suspended Deputy Commissioner of Police, Denied Bail and Returned to Prison
-
News3 months ago
Woman Arrested for Smuggling Ammunition to Terrorists in Katsina
-
News2 months ago
School Collapse in Jos: 22 Dead, 132 Injured
-
News3 months ago
Robbers Disguised as Passengers Steal Motorcycles and Kill Okada Riders in Osun State
-
Fashion3 months ago
Choose your Best Dressed at Chivido’s Wedding
-
Entertainment3 months ago
Breaking News: Activist VeryDarkMan Arrested by Nigerian Police Once Again
-
News3 months ago
Car Fires in Hamburg
-
Entertainment3 months ago
Celebrating Love: Leo Dasilva & Maryam’s Journey to ‘I Do’