Exclusive: CBN targets six months for recertification of PoS terminals to fight fraud

The Central Bank of Nigeria (CBN) plans to recertify all active POS terminals across the country, two sources familiar with the conversation told TechCabal. Part of that process will include an update to issuing terminal identification numbers (TID) — a unique eight-digit identifier — and collecting information such as BVN and tax identification numbers from POS agents.

“This means you must request TID for each merchant with their details and wait for NIBSS to generate it before they can assign a terminal to that merchant,” one person familiar with the CBN’s plans said. 

Before now, mobile money operators like Opay or Palmpay typically requested TIDs in bulk to assign terminals quickly, but recertification will mean acquirers (banks and mobile money operators) have to register each TID separately. Registration requires the provision of an address, BVN or Tax Identification Number (TIN), business name, and F1 Code of the acquiring bank. 

By Frank Eleanya.

Full story at Tech Cabal.