The Nigeria Interbank Settlement System data showed the total volumes of PoS transactions for 2017 stood at 146.3 million, which was worth N1.4 trillion; 285.9 million transactions in 2018 worth N2.3 trillion and 187.7 million for six months-January to June 2019 worth N1.4 trillion.
A statement signed by CBN Director, Payment System Management Department, Musa Jimoh, said the move was part of its commitment to facilitate the development of the payment system and deepen the adoption of various electronic payment options available to users. According to the apex bank, merchant acquirers are required to obtain Acquirer Device Validation certification or the applicable testing completion notification from the CBN licensed card schemes.
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