mutilated naira note from Access Bank plc atm in Opebi, Lagos state. Has the CBN dropped its banking oversight functions? There was a time in this country that atm gives you mint notes I guess that era is gone. please someone should ensure that the quality of naira notes we get when we use atm are clean and worth keeping. if banks give mutilated notes through their machines what do you expect from POS operators? They are more reliable than banks now. At least you see what they are giving you. Someone do something okay?
Adeleke Adewunmi’s Post
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#AOFlashNote | On Wednesday, 11 September 2024, the Central Bank of Nigeria (CBN) issued a new circular to Payment Service Providers (PSPs) directing them to comply with updated guidelines on routing Point of Sale (POS) transactions. The directive comes on the back of the CBN’s issuance of a Payment Terminal Service Aggregator (PTSA) to Unified Payment Services Limited (UPSL), in addition to the existing PTSA licence held by the Nigeria Inter-Bank Settlement System Plc (NIBSS). Until the issuance of the licence to UPSL, POS transactions were routed through NIBSS as the sole aggregator. The adoption of an additional PTSA is aimed at mitigating the risk of dependence on a sole aggregator. The CBN circular contains directives for the operationalisation of the enhanced PTSA regime for POS transactions by PSPs. 🔗 Read more: https://lnkd.in/dGrTMdut 📝 Ajibola Asolo, Partner | Bukola Akinsulere, Senior Associate | Glory Akani, Associate | Adebomi Saliu-Aina, Associate. #CentralBankofNigeria #PaymentServiceProviders #POSTransactions #PaymentTerminalServiceAggregator #RegulatoryCompliance #UnifiedPaymentServices #FinancialRegulations #DigitalPayments #FintechNigeria #POSTransactionRouting #CBNUpdates #AlukoandOyebode #ALNNigeria
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Present-day Irrelevance of ATM Machines: You walk into banks and the Automated Teller Machines are conspicuously empty with some disconnected. On your way out and right beside the bank gates, you see the famous POS signs, operators with money bags hanging across their shoulders and machines in hands, ready to dispense. It's high-time banks begin to dismantle ATM banks as I might not be wrong to infer that bankers aid the POS operators in Nigeria. After all the same machines can also do transfers.
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#RegulatoryUpdate "The Central Bank of Nigeria has issued a recent deadline for POS operators in Nigeria to incorporate their businesses with the Corporate Affairs Commission. All operators have a July deadline to comply with the requirement from Nigeria's appex Bank." Given this new directive for compliance, if you require assistance with your #CAC registration, we invite you to reach out to us as our business registration team is on hand to assist and provide more guidance. #CAC #Compliance #CompanySecretary #business #registration #CBN
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FYI for all who enquired about the Himyan card objectives and characteristics recently It’s the First #national #electronic card (#Debit & #Prepaid) with a Qatari Brand, Owned and launched by #Qatarcentralbank (QCB) Key objectives of launching the card ✔ Enhancing the Qatari #brand in local Market ✔ In lines to development of #digital #payments and #cashless #economy ✔ Provide alternate #payments options for #banks and its #customers Card Specifications ✔ Allows #payments at #POS terminals and cash transactions (withdrawals/deposit) through ATM ✔ Supports #contact and #contactless transactions ✔ Facilitates card transactions through the NAPS national network ✔ Enables #ecommerce transactions with the local #merchant’s network Potential benefits ✔ Lower #cost for payments processing ✔ First-time #issuance if free ✔ Linked to customers personal bank account at local banks #Qatarcentralbank #Himyan #Prepaid #Debit #cards #Cashlesseconomy #Digitalpayments #ecommerce #digitaltransformation
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LET US DISCUSS POLICY... Are you aware that: 👇 Pursuant to the provisions of Section 47 (4) of the Central Bank of Nigeria Act, 2007 states that, “In furtherance of the objective of a sound financial system and notwithstanding the provisions of the Evidence Act, any physical or electronic record of transactions that is in a format approved by the Bank shall constitute sufficient proof of such transactions”, POS/Web : All receipts from POS/Web shall contain the following information : 1. Merchant Name 2. Terminal ID 3. Transaction ID 4. Application Identification (AID) 5. Date of Transaction 6. Time of Transaction 7. Transaction Type 8. Sequence Number 9. Account Number 10. Account Name 11. Amount 12. Personal Account Number (PAN) (Masked) 13. Card Type 14. Account Type 15. Reference Number Knowledge gives you power & delivers you from trouble. If you are a POS business owner, please, be informed! I am Francis Adekanmi AICRM, MIPMA 🕊
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Our leaders are a reflection of who we are. The arbitrary increase in PoS withdrawal charges to 300 - 400 naira per 10k by PoS operators is an affirmation of that. Our lack of empathy cuts across various socioeconomic strata. The recent enforcement of withdrawal limit both in ATMs and over the counter in the banks is ill-timed. I wonder what the policy seeks to achieve, especially in this austerity era. May Nigeria and Nigerians prevail.
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In its bid to reduce cash dependency and financial crime, the CBN, under Sanusi Lamido, introduced a cashless policy initiative in 2012. The CBN's efforts to entrench a cashless economy opened a thriving business for POS agents. POS agents are major drivers of financial inclusion in Nigeria and, according to the Nigerian Financial Services Market, there are 1.5 million banking agents in the country.
How POS agents are solving Nigerians’ cash needs while banks ration withdrawal
africa.businessinsider.com
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