Business
CBN gives PoS operators one month to use aggregators
The Central Bank of Nigeria has directed that all Point of Sale operators (POS) must route transactions through licensed payment terminal service aggregators.
A circular posted on the CBN’s website on Thursday stated that the move was aimed at enhancing the tracking and management of electronic transactions in the country.
“As part of efforts to mitigate the concerns regarding channelling all Point of Sale transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited.
“In furtherance of the above, the CBN hereby directs as follows: 1 Acquirers are henceforth required 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 CBN,” the apex bank noted.
It noted that the Nigeria Interbank Settlement System Plc was granted a PTSA licence in 2011 to handle the aggregation of PoS transactions.
However, to address concerns about routing all transactions through one aggregator, the CBN granted a second PTSA licence to Unified Payment Services Limited earlier this year in April.
“To achieve the objectiveof 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.
As part of efforts to mitigate the concerns regarding channelling all Point of Sale transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited.
The CBN has instructed that all acquirers, the institutions responsible for processing payments from PoS terminals, must channel transactions through any of the two licensed aggregators.In addition, licensed processors are required to integrate with both PTSAs to give acquirers the flexibility to choose their preferred service providers.
It noted that payment terminal service providers, responsible for deploying and managing PoS terminals, must ensure their devices and applications are configured to work with any PTSA chosen by the acquirers.
According to the CBN, PTSPs are also required to submit monthly reports to the CBN, detailing the number of merchants and agents they manage, as well as the PTSA services used.
Similarly, the CBN has mandated that each PTSA submit monthly reports of all transactions processed through their platforms.
The apex bank ordered that the reports must be submitted to the director of the Payments System Management Department within seven days after the end of each month.
The CBN urged all PSPs to regularise their operations with the PTSAs within 30 days, warning that non-compliance with the directive would attract appropriate sanctions.
Business
Government Can’t Run Business Effectively – Dele Oye
We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them
Barr Dele Oye, the former president of NACCIMA, at the Vanguard Economic Discourse 2026 edition in Lagos on Wednesday, advised the federal government to limit its role to policy support and facilitation rather than involvement in commercial business activities.
Oye, now the Chairman of Alliance for Economic Research and Ethics (AERE) , cited past failures such as the Ajaokuta Steel Company and refineries rehabilitation projects.
He said: ” We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them.”
Oye maintained that government lacks the capacity to run businesses effectively.
” You have no track record in running any business… you cannot be government and also be private sector,” he said.
Business
John Ternus is Apple’s incoming CEO
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
• John Ternus / CNBC / Getty Images
Tim Cook’s 15-year tenure as Apple CEO comes to an end on Sept. 1, the company announced on Monday.
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
CNBC reports that as Cook exits, Apple faces numerous challenges, including an intricate supply chain that’s complicated by geopolitical tensions and soaring prices for memory due to unprecedented demand from the AI buildout.
But for Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into AI, where it’s lagged many of its megacap peers.
It said that so far, Apple’s AI strategy has involved avoiding hefty capital expenditures while Microsoft, Google, Amazon and Metacommit to hundreds of billions of dollars a year in combined capex to fund new data centers and fill them with pricey AI chips.
Business
NCC, CBN launch telecom industry portal to track fraudulent phone lines
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber.”
The Nigerian Communications Commission (NCC), and the Central Bank of Nigeria ( CBN), have launched a portal that enables financial institutions to track fraudulent and suspicious phone lines across the country.
It is called the Telecoms Identity Risk Management System (TIRMS) portal , aimed at providing financial institutions with real-time visibility into the status of phone numbers used for transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities.
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” said the Executive Vice Chairman of NCC, Dr. Aminu Maida.
Speaking during the MoU signing event, Maida said that the agreement provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
On his part, Governor of CBN, Mr. Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system.
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