CBN Orders PoS Providers to Fix Network in 30 Days

The Central Bank of Nigeria (CBN) has given PoS operators 30 days to implement dual connectivity. This is to reduce frequent transaction failures that affect millions of Nigerians.

According to a circular signed by Rakiya O. Yusuf, director of the payments system supervision department, all PoS providers must connect to both NIBSS and UPSL. In addition, transactions should automatically switch if one platform fails.

CBN explained that relying on a single routing channel is risky. As a result, delays, network breakdowns, and failed transactions often occur. Also, this directive follows a warning issued on September 11, 2024, about the need for redundancy in Nigeria’s payment system.

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PoS providers must configure systems for automatic failover. Therefore, transactions will move immediately from one aggregator to the other without interruption. This will strengthen the electronic payment system and improve customer experience.

Furthermore, NIBSS and UPSL, together with financial institutions, must regularly test the dual-routing system. Meanwhile, if downtime occurs, both aggregators must notify banks immediately. They must also send a detailed report to CBN within 24 hours.

Furthermore, NIBSS and UPSL, together with financial institutions, must regularly test the dual-routing system. Meanwhile, if downtime occurs, both aggregators must notify banks immediately. They must also send a detailed report to CBN within 24 hours.

All regulated financial institutions have 30 days to comply. In conclusion, this measure is a crucial step to eliminate PoS failures and restore trust in electronic payments.

SOURCE: HERE