The Central Bank of Nigeria (CBN) released its guidelines on Mobile Point of Sale (mPOS) Acceptances services in order to create a regulatory framework stipulating minimum acceptable operating standards.

This article will be focused on the notable provisions of the guidelines regarding :-

1. Objectives of the guidelines

2. mPOS stakeholders and their roles and responsibilities

3. Settlement mechanisms

4. Exclusivity agreements

5. Consumer Protection/Dispute Resolution

6. Compliance

What are the objectives of the guidelines?

The objectives of the guidelines are :-

1. To provide minimum standards  and requirements for the operations of mPOS.

2. To promote safety and effectiveness of mPOS systems and thereby enhance user confidence in the service.

3. To identify the roles and responsibilities of stakeholders in the mPOS value chain. 

Which parties are identified by the guidelines as stakeholders in the mPOS system and what are their respective roles and responsibilities?

According to the guidelines the stakeholders of mPOS system and their respective roles and responsibilities are :-

1. Acquirers

Roles and Responsibilities

– An acquirer may own an mPOS device.

– Acquirers shall ensure that mPOS devices deployed at merchant/retailer locations accept all cards.

– Every acquirer shall connect all its mPOS devices directly to the PTSA. 

2. Issuers 

Roles and Responsibilities

The roles and responsibilities of Issuers are as stipulated in the extant POS guidelines.

3. Payment Terminal Service Aggregator (PTSA)

Roles and Responsibilities

– The Nigerian Interbank Settlement Scheme (NIBBS) shall act as the PTSA for the financial system.

– All payment transactions shall be routed through the PTSA. 

– All mPOS transactions in Nigeria must be switched using the services of a local switch and shall not under any circumstance be routed outside Nigeria.

– As the industry PTSA, NIBBS shall annually certify mPOS devices that meet the industry standards. 

3. Merchants

Roles and Responsibilities

– A merchant shall enter into agreement with the acquirer specifying in clear terms the obligations of each party.

– A merchant shall accept cards as a method of payment for goods and services.

– The merchant shall be held liable for fraud involving the use of mPOS device due to its negligence or connivance.

4. The merchant shall ensure it complies with the minimum security guidance direction provided by the acquirer.
5. Cardholders/Users

Roles and Responsibilities

– To protect the payment card, mobile device and PIN with due care.

– To notify the user immediately a PIN is compromised.

– To notify the issuer without delay about missing stolen, damaged, lost or destroyed cards or mobile devices.

– To present, when required by a merchant, a document confirming his identity. 

5. Card Schemes

Roles and Responsibilities

– No card scheme,or any entity that has a management contract with a card scheme, or their subsidiaries,shall engage in the business of acquiring.

6. Switching Companies

Roles and Responsibilities

– To ensure that transactions relating to all cards issued by Nigerian banks are successfully switched between acquirers and issuers.

What are the provisions of the guidelines on the settlement mechanism for mPOS transactions? 

The settlement for all domestic mPOS transactions shall be due to the merchant’s account on a T +1 basis, where “T” is the date the transaction is performed. A failure to execute will result in a sanction to the NIBBS.

What are the provisions of the guidelines on Exclusivity agreements?

The guidelines state that there shall be no form of exclusivity in any area of payment service including but not limited to issuing, acquiring, processing and sale/maintenance of hardware and software.

What do the guidelines say about compliance?

The guidelines state that any violation of any provision contained therein will attract appropriate sanctions from the CBN.

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Crypto has started to roar again, and investors who stood on the sidelines waiting for further pullbacks have realized that max pain is up. Investors holding the majority of their portfolio in stablecoin have tasted the pain of being too risk-averse. Analysts outline Uniswap’s (UNI) price action this year and look at Uwerx’s potential.

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Non-fungible tokens (NFTs) are a new type of digital asset. ‘Non-fungible’ means the asset is unique and can’t be replaced. ‘Tokens’ are digital assets stored on the blockchain. So, in short, NFTs are unique digital assets that are stored on the blockchain.

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NFTs: Pros and Cons

One big benefit to NFTs is that they allow artists to sell their work directly to customers, eliminating intermediaries. This allows the creator to keep more of the profits for themselves.

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