Unified Payments Is Now the Second Holder of the Payment Terminal Service Aggregator License

Unified Payments is now the second holder of the Payment Terminal Service Aggregator license. Nigeria’s premier Fintech service provider, Unified Payments has now been awarded the second Payment Terminal Service Aggregator (PTSA) license in the country by the Apex Bank (Central Bank of Nigeria) to help fight financial crimes as well as market irregularities.

Unified Payments Payment Terminal Service Aggregator License

Unified Payments Payment Terminal Service Aggregator License

In a bid to enhance the security and efficiency of point-of-sale (PoS) transactions in Nigeria, the Central Bank of Nigeria (CBN) has mandated that all PoS transactions must be conducted through licensed Payment Terminal Service Aggregators (PTSAs).

This development, according to the CBN, is aimed at strengthening the regulatory framework surrounding PoS transactions and ensuring a safer payment ecosystem for merchants and consumers alike.

What is a Payment Terminal Service Aggregator License?

A Payment Terminal Service Aggregator (PTSA) license is a regulatory authorization granted by financial authorities to companies that provide services enabling merchants to accept customer payments through various channels, including point-of-sale (PoS) terminals, mobile payments, and online payments.

This license authorizes the holder to act as an intermediary between merchants, financial institutions, and payment networks, facilitating the processing and settlement of transactions.

PTSA license holders play a crucial role in ensuring the smooth operation of electronic payment systems, maintaining compliance with regulatory standards, and enhancing the security and efficiency of payment transactions.

Regulatory Framework for PoS Transactions

The CBN’s directive aligns with existing guidelines issued in August 2011, which designated Nigeria Inter-Bank Settlement System Plc (NIBSS) as the primary PTSA responsible for overseeing and managing PoS transactions across the financial sector.

These guidelines were established to standardize PoS transactions and mitigate risks associated with electronic payments.

Collaboration for Enhanced Security

In January 2024, the CBN collaborated with the Association of Mobile Money and Banking Agents of Nigeria (AMMBAN) to introduce a new feature on PoS terminals aimed at detecting fraudulent transactions at agents’ locations.

This feature prompts agents to request specific Know Your Customer (KYC) information before processing certain transactions, thereby adding an extra layer of security to PoS transactions.

Appointment of Unified Payments as Second Gateway

Following a public bid process, Unified Payments emerged as the second gateway for PoS transactions in Nigeria. Unified Payments, established in 1997, is a consortium of Nigerian banks, including First Bank, Access Bank, United Bank for Africa (UBA), Guaranty Trust Bank Plc, Zenith Bank, and Fidelity Bank.

The company offers a wide range of services, including Financial Technology, Payment Solutions, and Digital Commerce.

Unified Payments’ Role in PoS Transactions

Unified Payments pioneered PoS payments in Nigeria with the introduction of the ValuCard, the country’s first payment card.

Over the years, the company has evolved into a neutral service provider, facilitating transactions under various schemes while maintaining a commitment to providing cutting-edge payment technologies and services.

Unified Payments’ expertise, licenses, and capabilities enable different operators to leverage its infrastructure for fast and seamless transactions.


The CBN’s mandate for PoS transactions to be conducted through licensed Payment Terminal Service Aggregators marks a significant step towards enhancing the security and efficiency of electronic payments in Nigeria.

Collaborative efforts between regulatory bodies and industry stakeholders, such as Unified Payments, are crucial in achieving a robust and resilient payment ecosystem that safeguards the interests of all stakeholders involved.



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