In a significant development for Nigeria's financial landscape, the Central Bank of Nigeria (CBN) has granted Unified Payments, the nation's premier financial technology company, the country's second Payment Terminal Service Aggregator (PTSA) license. This move, following a thorough and transparent selection process, underscores the CBN's commitment to regulating point-of-sale transactions through licensed entities.
The issuance of the PTSA license to Unified Payments aligns with the CBN's strategic objectives to enhance oversight of electronic transactions and combat financial crimes. By mandating that all point-of-sale transactions in Nigeria must be routed through licensed PTSA entities, the CBN aims to bolster its ability to track electronic transactions comprehensively.
According to the CBN, this regulatory measure is crucial for curbing financial crimes such as funding insecurity, violent crimes, banditry, kidnapping, and other illicit activities that exploit electronic payment channels. By expanding the pool of licensed PTSA providers beyond the Nigeria Interbank Settlement System PLC (NIBBS), the CBN aims to foster competition and efficiency in the electronic payments ecosystem.
Unified Payments, with its proven track record and technological prowess, is poised to play a pivotal role in advancing the accessibility, security, and efficiency of electronic transactions in Nigeria. This milestone signals a new era in the nation's financial landscape, providing consumers and businesses with more options and greater confidence in electronic payment systems.
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