Cbn new policy on pos
You're referring to the Central Bank of Nigeria's (CBN) new policy on Point of Sale (POS) transactions!
On August 24, 2021, the CBN introduced a new policy aimed at promoting financial inclusion, improving the efficiency of payment systems, and reducing the risks associated with POS transactions. Here are the key highlights of the new policy:
- Increased POS daily transaction limit: The daily transaction limit for POS transactions has been increased from N50,000 to N100,000.
- New POS terminal requirements: To reduce the risk of fraud, POS terminals must now be equipped with biometric authentication (e.g., fingerprint or facial recognition) and have a minimum of 128-bit encryption.
- Enhanced security measures: POS terminals must be certified by the CBN and meet specific security standards, including regular software updates and penetration testing.
- Increased monitoring and reporting: POS operators must report all transactions to the CBN and maintain records for at least 5 years.
- New fees for POS transactions: The CBN has introduced a new fee structure for POS transactions, which includes a 0.5% fee for transactions up to N100,000 and a 1% fee for transactions above N100,000.
- Increased penalties for non-compliance: POS operators who fail to comply with the new policy may face penalties, including fines and suspension or revocation of their licenses.
- Enhanced customer protection: The CBN has introduced measures to protect customers, including the requirement for POS operators to provide receipts for all transactions and to maintain a record of all transactions.
The new policy aims to promote a safer, more efficient, and more inclusive payment system in Nigeria. It's expected to benefit both POS operators and customers, while also reducing the risks associated with POS transactions.