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CBN introduces new PoS rule to deepens e-payment, begins now

It’s with immediate effect, but  July 31, 2020,is the deadline for full compliance, after which appropriate sanctions would be imposed for contraventions and non-compliance.

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

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

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 licenced 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.

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