The Central Bank of Nigeria reviewed the messaging format for Point of Sale (PoS) machine transactions on Monday.
A statement signed by CBN Director, Payment System Management Department, Musa Jimoh said the move was part of its commitment to facilitate the development of the Nigerian payment system and deepen the adoption of various electronic payment options available to users.
The apex bank has also identified the predominant use of a single messaging format for PoS transactions as an obstacle to the use of pre-authorisation as a mode of payment in Nigeria.
According to the apex bank, merchant acquirers are required to obtain Acquirer Device Validation certification or the applicable testing completion notification from the CBN licenced card schemes.
“By this directive, all PoS terminal must have the capability for transaction pre-authorisation and sales completion. All card issuers are required to build the capability and enable the processes for pre-authorisation and sales-completion of transactions. Card schemes are also required to provide online simulators for acquirers and issuers to test their systems, when necessary,” the circular said.
This circular takes immediate effect, but with a deadline of July 31, 2020, for full compliance, after which appropriate sanctions would be imposed for contraventions and non-compliance.
(The Nation)
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