- Warns of sanction for non-compliance
The Central Bank of Nigeria (CBN) has issued a one-month deadline to Point of Sale (PoS) operators and other payment service providers to ensure full compliance with the mandatory dual connectivity requirement for all PoS terminals across the country.
In a circular circulated to financial institutions, fintech companies and payment terminal service providers, the apex bank said the directive is aimed at reducing transaction failures caused by poor network connectivity and ensuring a more reliable payment experience for customers.
According to the CBN, every PoS terminal operating in Nigeria must be configured to automatically switch between at least two network providers to maintain service availability during network disruptions.
The regulator noted that the increasing volume of electronic transactions demands a more resilient infrastructure, particularly at merchant locations where PoS terminals remain the primary payment channel.
The apex bank warned that operators who fail to comply within the 30-day window will face regulatory sanctions, including possible suspension of their payment service licences.
It also urged providers to work with certified Payment Terminal Service Aggregators (PTSAs) to upgrade their systems and test for network redundancy.
Industry stakeholders say the directive could improve transaction success rates and restore customer confidence, especially in densely populated cities where network downtime is frequent.
However, some operators have expressed concerns about the cost of additional connectivity, calling on the government and telecom companies to provide more support.
The CBN reaffirmed its commitment to strengthening Nigeria’s payment infrastructure and ensuring that electronic payment channels remain secure, accessible and efficient for all users