The Central Bank of Nigeria has given banks, payment processors, and other financial service providers one month to activate dual connectivity on all Point of Sale terminals.
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The new deadline was issued in a fresh circular signed by the Director of Payments System Supervision, Rakiya Yusuf, updating an earlier guideline released in 2024.
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LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The instruction is aimed at tackling regular PoS failures linked to dependence on a single transaction route. With the new rule, acquirers and payment terminal service providers must keep active connections with both the Nigeria Inter-Bank Settlement System and Unified Payment Services Limited to create a more stable payment network.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The CBN also directed NIBSS and UPSL to run routine redundancy and failover tests with all regulated institutions. These checks are expected to confirm that systems can switch smoothly during disruptions, forming part of the apex bank’s wider oversight of the payment ecosystem.
In addition, the circular introduced stronger reporting rules. NIBSS and UPSL must alert financial institutions immediately during any downtime and file a full incident report to the CBN within 24 hours. The report must detail the cause of the outage, its impact, and the steps taken to restore service.
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