CBN director Rakiya Yusuf dropped a memo telling payment processors and terminal providers they have one month to set up dual connectivity with NIBSS and UPSL for all point-of-sale systems. The Corporate Affairs Commission is backing this up with a nationwide crackdown that starts next year, going after unregistered PoS agents because they keep running operations without proper paperwork under CAMA 2020 and CBN agent banking rules.
The commission blames fintech companies for letting operators slide without registration, and security agencies got orders to grab terminals and shut down anyone still operating off the books. CAC says they're putting fintech platforms that enable sketchy setups on a watch list and reporting them straight to the central bank.
The commission blames fintech companies for letting operators slide without registration, and security agencies got orders to grab terminals and shut down anyone still operating off the books. CAC says they're putting fintech platforms that enable sketchy setups on a watch list and reporting them straight to the central bank.
