CBN Introduces New PoS Rules to Enhance User Protection

The Central Bank of Nigeria (CBN) has issued new directives requiring banks and payment service providers to implement a dual-connect point of sale (PoS) system within 30 days. This move aims to enhance user protection and reduce service disruptions by linking the interbank settlement system (NIBSS) and ensuring uninterrupted transactions.

Rakiya O. Yusuf, Director of Payment System Supervision at CBN, emphasized the importance of the new measures to boost confidence in electronic payments. Fasasi Sarafadeen of NAFIAN raised concerns over the mandate, vowing to challenge it in court if necessary.