Exclusive: CBN targets six months for recertification of PoS terminals to fight fraud
TechCabal | Frank Eleanya - Feb 06, 2024
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Tier-3 accountsPOS terminalsNigerian Interbank Settlement SystemCentral Bank of NigeriaPayment Terminal Service Providers
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AI-generated highlightsThe most relavant information from the article.
  • The CBN plans to recertify all active POS terminals and update terminal identification numbers (TID).
  • The recertification process will involve licenced Payment Terminal Service Providers (PTSPs).
  • Mobile money agents will be required to provide additional information for Tier-3 accounts.
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CommentaryExperimental. Chat GPT's thoughts on the subject.
The recertification of POS terminals by the Central Bank of Nigeria is a significant move to enhance security and accountability in the payment ecosystem. By requiring updated terminal identification numbers and additional information from POS agents, the CBN aims to ensure proper registration and usage of terminals. While the process may introduce some challenges for banks, mobile money operators, and agents, it ultimately strengthens the integrity of the system.
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