Abuja, Nigeria – The Central Bank of Nigeria (CBN) don burst enter new law wahala as dem don direct all dem acquirers, processors, payment terminal service providers, and aggregators to begin dual connectivity, gree for both the Nigeria Inter-Bank Settlement System (NIBSS) and Unified Payment Services Limited (UPSL). This one na for make sure say all those PoS transactions no go dey fail like dem dey do before, no more wahala o!
This new law no be today talk, e follow from wetin dem talk on September 11, 2024, about the dangers wey dey follow if all PoS systems dey rely on just one router. Omo, that one fit cause serious delay and service breakdown. Na una fit talk say dem don rest dis matter, now everybody sabi wetin dem dey do!
As per di circular wey Rakiya O. Yusuf, wey be director for payments system supervision department, don sign, all acquirers and processors need to connect actively to both NIBSS and UPSL. Di gist be say when one aggregator jam road, transactions go just waka enter di second one without any wahala. Na so wey we like am – smooth sailing! (E go be as dem dey waka for Naija roads, just dey dodge potholes.)
CBN don make am clear say dem wan make sure say this dual connectivity go make our payments system stronger. Dem sabi say when people dey face too much delay for their transactions, e go make dem lose confidence. No be small matter o, e affect everything, from merchants to the everyday customer trying to buy lunch. E be like say we go finally chop belleful without stress! Yes!
Dem also talk say both NIBSS and UPSL go dey test di new setup now and then, to ensure say e no dey fall apart during serious times. So, nobody go fit run away for back when wahala show face; dem must notify banks in real time if e happen, and give full report within 24 hours. Na so we go know di full gist if wahala arise! (More like in case dem use mumu connect face to face with goblins, at least dem go sabi.)
CBN gree say everybody, from regulated financial institutions to banks, must fully comply within one month from di circular date. Na serious matter dey here, and na dem sagacious gents for CBN no wan make e be a case of “trust us, we go fix am later.”
This new law dem preach say go help our PoS system stand gidigba, through thick and thin, for all dem millions of users wey dey rely on e for their daily transactions. E go make all e pathways dey operational well well, without the usual “transaction failed” wahala wey dey vex many people for visa POS. Omo, we don wait for this one!
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