The Digest:
The Central Bank of Nigeria has directed all payment service providers to establish dual connectivity to NIBSS and UPSL within one month. According to the directive, this mandatory redundancy aims to eliminate widespread PoS transaction failures caused by single-point routing.
Key Points (7 bullets)
- CBN mandates dual connectivity for PoS transactions to NIBSS and UPSL within one month
- The move aims to end widespread transaction failures from single-route dependencies
- Providers must configure automatic failover to switch aggregators during downtime
- NIBSS and UPSL must conduct periodic tests and report disruptions within 24 hours
- The directive builds on a September 2024 circular warning of single-channel risks
- Regulated financial institutions must comply fully by the stipulated deadline
- The goal is to strengthen payment infrastructure resilience and restore user confidence
In a system where a single point of failure can paralyze commerce, redundancy is not a luxury; it’s a necessity. This mandate seeks to root digital payments in reliability, ensuring that the storm of technical disruption does not leave customers stranded at the counter.
Sources: Business Day, Business Post
