The Central Bank of Nigeria (CBN) has issued a directive to financial institutions to implement mandatory dual connectivity for Point of Sale (PoS) transactions within one month.
It gave the order in a circular, signed by the Director of the Payments System Supervision Department, Rakiya Yusuf, dated December 11.
It said the move is to reduce dependence on a single aggregator and address transaction downtime.
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“It aims to address frequent PoS downtime caused by reliance on a single transaction channel.
“Under the new rule, all acquirers, processors, and payment terminal service providers must maintain active links with both the Nigeria Inter-Bank Settlement System (NIBSS) and Unified Payment Services Limited (UPSL).
“This dual connectivity is intended to reduce dependence on any single aggregator and stabilise the country’s payment infrastructure,” CBN stated.
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The apex bank also mandated periodic redundancy and failover tests to ensure readiness.
It said, “NIBSS and UPSL must work with regulated institutions to confirm that systems can support uninterrupted service, with results forming part of CBN’s ongoing oversight.”
The apex bank further introduced stricter reporting obligations.
“NIBSS and UPSL must notify banks immediately during any downtime and submit a detailed incident report to the Payments System Supervision Department within 24 hours, outlining the cause, impact, and corrective actions taken,” it added
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
