E-Financial
Unified Payments Addresses Issues at PoS with Solution
Unified Payments, an electronic payment service provider is to launch a solution that will address the challenges of poor telecommunications infrastructure at Point of Sale (PoS) terminals, Nigeria CommunicationsWeek has learnt.
PoS terminals are provided with connectivity through GSM subscriber identity module (SIM).
The terminal uses the GPRS service of the network to communicate with the network infrastructure of the terminal deployer in this case CBN licensed Payments Terminal Service Providers (PTSP) and National Central Switch as Payments Terminal Service Aggregator (PTSA) for the industry.
Stakeholders in the electronic payment industry have identified poor telecommunications service as the major challenge affecting the adoption of PoS terminals as means of payment.
Agada Apochi, managing director, Unified Payments, told Nigeria CommunicationsWeek that as a pioneer electronic payment service provider in the country, it was their desire that Nigerians have unhindered payment experience at PoS which informed the company’s plan to launch a solution that will enable customers at merchant locations to make payment without relying on telecommunications infrastructure.
“Payment does not exist in a vacuum, payment is dependent on other infrastructure, for instance, for you to do a successful transaction over e-payment channels be it ATM, PoS and internet you will require a reliable communications infrastructure. Today, that is a major challenge in Nigeria. The payment industry cannot build its own telecommunications infrastructure, it will have to rely on the available telecom infrastructure,” he said.
He noted that: “as a pioneer in the industry, we believe that poor telecommunications infrastructure should not be a reason for a cardholder not to use the e-payment channels. We should build confidence in the users and that is why we are introducing this pioneering solution, were those who subscriber to the solution will be able to make payment whether or not there is telecommunications service. In few months from now, it will be possible for a cardholder to go to a PoS terminal and be able to make payment notwithstanding the communications challenge, either the communications challenge is with your bank not been available or the PoS terminal was not able to connect with other service providers, you will be able to make payment. That is the solution we are coming out with before the end of the year”.
It would be recalled that Nigeria Inter-Bank Settlement System (NIBSS) operators of National Central Switch the industry Payments Terminal Service Aggregator (PTSA) has recommended a switch from GSM service to CDMA for Payments Terminal Service Providers (PTSP) to address the challenge of poor communications link at PoS. This was a fallout of result of field market research conducted by NIBSS which found telecommunications network connectivity difficulties accounting for 58.5% of challenges merchants face in Point of Sale (PoS) transactions.
Samuel Oluyemi, head, Business Strategy, NIBBS, who disclosed this said that the field market research main goal was to provide to NIBSS, as Payments Terminal Service Aggregator for the industry (PTSA), a clear guidance on the improvement areas for NIBSS services, as well as to support other stakeholder in the Nigerian Payment System, how to achieve increased volumes of transactions on PoS Terminals in Nigeria.
Other challenges include transactions charges 47.2%, customer insistence to pay in cash 31.3%, transactions often rejected account for 29.1%, card reading difficulties 27.4% and customers’ do not have cards 26.5%.
Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.
The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.
Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.
Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.
Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.
In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.
This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.
The Central Bank of Nigeria (CBN) has announced a comprehensive review of documentation requirements for transactions processed through the Pan-African Payment and Settlement System (PAPSS), aimed at enhancing intra-African trade, promoting financial inclusion, and improving operational efficiency for cross-border payments within Africa.
In a press release issued on Monday, the CBN outlined key updates to the documentation framework in a circular addressed to Authorised Dealer Banks (ADBs) and the general public.
The revised guidelines are part of the CBN’s ongoing efforts to streamline processes and support seamless financial transactions across the continent.
Under the new framework, individuals conducting low-value transactions up to USD 2,000 equivalent in naira and corporates transacting up to USD 5,000 equivalent in naira can now rely on basic Know-Your-Customer (KYC) and Anti-Money Laundering (AML) documents already provided to their ADBs.
This measure simplifies compliance requirements for smaller transactions and reduces administrative burdens.
For transactions exceeding the specified thresholds, parties must comply with the full documentation requirements as outlined in the CBN Foreign Exchange Manual and related circulars to ensure regulatory compliance.
Applicants are also responsible for ensuring that all necessary regulatory documents are available to facilitate the clearance of goods as mandated by relevant government agencies.
The new policy permits ADBs to source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, eliminating the previous requirement to obtain forex directly from the CBN.
Additionally, all export proceeds repatriated via PAPSS must be certified by the relevant processing banks to promote transparency and regulatory adherence.
The CBN urged all ADBs to adopt PAPSS and commence originating transactions in accordance with the updated policy.
Exporters, importers, and individuals were encouraged to familiarize themselves with the new requirements and leverage PAPSS for efficient cross-border transactions across Africa.
The Federal Inland Revenue Service has directed banks across the country to immediately identify and close any tax and levy collection accounts not authorised under its TaxPro Max platform.
The directive, aimed at promoting transparency and ensuring uniformity in tax collection, was disclosed in a public notice titled “Directive to close unauthorised FIRS tax collection accounts,” issued by the FIRS Chairman, Zacch Adedeji, and circulated to journalists on Monday by his Special Adviser on Media, Dare Adekanmbi.
According to the notice, all tax and levy collections must now be processed exclusively through assessments generated on the TaxPro Max system.
The FIRS warned that all banks participating in its collection, remittance, and reconciliation scheme must comply without delay, discontinue the use of unauthorised accounts, and ensure only transactions initiated from the TaxPro Max platform are processed.
“We count on your cooperation to ensure a smooth transition to this centralised system, thereby contributing to a more transparent and efficient tax collection process,” the agency stated.
Developed locally, the TaxPro Max platform facilitates key tax activities such as taxpayer registration, filing of returns, payment processing, and the issuance of tax clearance certificates.
It was introduced to streamline tax administration and support the FIRS’s broader digitalisation agenda.
The agency also urged taxpayers and stakeholders seeking clarification to contact its Revenue Accounting and Refund Department.
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