Association of Point of Sale Service Providers (POS) has threatened to suspend Verve card transaction services nationwide if the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC) fail to intervene in an alleged exclusivity arrangement involving Verve International and Interswitch Limited.

PoS

The association made the disclosure in a statement signed by its Communications Consultant, Yomi Idowu.

According to Idowu, the association had formally protested what it described as persistent unlawful practices by the two companies, alleging that their actions violate existing CBN regulations and provisions of the Federal Competition and Consumer Protection Act (FCCPC) 2018.

The association stated that, as representatives of a coalition of CBN-licensed payment acceptors, acquirers, processors and switches, its members may be compelled to suspend the acceptance, acquiring, processing and switching of Verve card transactions if urgent action is not taken by regulators.

It said the decision had become unavoidable due to what it described as escalating unlawful conduct that undermines the integrity of Nigeria’s payment ecosystem, erodes the capital base of participating institutions and breaches regulatory requirements.

The association alleged that the companies maintain an exclusive monopoly over Verve transaction processing and abuse a dominant position in the domestic card scheme market in contravention of relevant competition and payment regulations.

It further accused the firms of imposing scheme fees above the regulated Merchant Service Commission (MSC) share attributable to acquirers and carrying out unauthorised debits on the settlement accounts of acquirers, processors and switches.

According to the association, its members played a significant role in expanding the acceptance and growth of Verve cards across Nigeria at substantial cost and in compliance with regulatory requirements, without receiving subsidies from Verve or Interswitch.

The group noted that other card scheme operators had already eliminated exclusivity arrangements in line with CBN regulations and urged the CBN and FCCPC to investigate the allegations and ensure fair competition within the payment services industry.

It warned that failure to resolve the dispute could disrupt electronic payment services relied upon by millions of consumers, merchants and small businesses across the country.

Central Bank of Nigeria (CBN) has extended the enforcement date for the mandatory geo-fencing of Point-of-Sale (PoS) terminals to August 1, 2026, in a move aimed at giving financial institutions and payment service providers additional time to comply with the regulatory framework.

The directive was contained in a circular dated May 29, 2026, signed by Dr. Rakiya Yusuf, director of the Payments System Supervision Department, and obtained from the apex bank’s website on Friday.

The circular was addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Switching and Processing Companies, Payment Terminal Service Providers, Payment Solution Service Providers, Super Agents and other licensed operators in the financial ecosystem.

According to the CBN, the extension followed stakeholder engagements and operational considerations arising from earlier directives issued in August 2025 on ISO 20022 migration and mandatory geo-tagging of payment terminals.

The apex bank also announced adjustments to the framework, increasing the permissible geo-fence radius for PoS terminals from 10 metres to 70 metres, in addition to shifting the enforcement deadline.

“Geo-fence radius is hereby increased from 10 metres to 70 metres,” the circular stated, adding that enforcement of the requirement has been moved to August 1, 2026.

Geo-fencing is designed to restrict PoS operations to approved merchant locations, strengthening transaction monitoring and reducing fraud within the electronic payment system.

The CBN directed all affected institutions to submit evidence of compliance on or before July 31, 2026, through the Payments System Supervision Department.

“Evidence of compliance to the above should be addressed… not later than July 31, 2026,” the circular added.

Financial institutions were also instructed to resolve all outstanding technical and operational issues with the National Central Switch to ensure seamless implementation.

The extension is expected to provide operators additional time to upgrade systems and align with regulatory requirements ahead of full enforcement.

Nigerian capital market will officially transition to a one-day (T+1) settlement cycle on Monday, June 1, 2026, cutting the time required to finalise securities and commodities transactions in half.

The mandate, formally announced by the Securities and Exchange Commission (SEC) requires all eligible trades to settle exactly one business day after the trade date, replacing the previous two-day (T+2) standard.

The SEC noted that the journey from T+3 to T+2, and now to T+1, took less than seven months, highlighting an aggressive push toward market modernisation.

To ensure a seamless launch, the SEC has outlined a unique convergence window for the transition.

Friday, served as the final trading day under the old T+2 system, consequently, trades executed on both May 29 and Monday, June 1, will visually converge and settle on the exact same day: Tuesday, June 2, 2026.

From June 1 onward, all transactions will strictly operate under the 24-hour T+1 timeline.

The migration is being coordinated on the technical front by the Central Securities Clearing System Plc (CSCS), the market’s central depository, alongside major securities exchanges, trade associations, and brokerage firms.

According to financial regulators, the compressed timeline will immediately benefit retail investors by providing quicker access to cash proceeds from share sales.

For institutional players and custodians, the shift requires an immediate reconfiguration of back-office systems and reconciliation workflows to meet the faster execution demands.

Mr. Shehu Yahaya Shantali, managing director and chief executive officer of CSCS, stated that the infrastructure overhaul positions Nigeria alongside top-tier international frameworks.

“The transition to T+1 represents another important milestone in the evolution of Nigeria’s capital market infrastructure.

“It reflects the market’s readiness to embrace reforms that enhance efficiency, strengthen investor confidence, improve liquidity, and align Nigeria more closely with leading global markets,” Shantali said.

Shantali credited the market-wide readiness to months of intensive system upgrades and joint planning spearheaded by the SEC and the T+1 Implementation Plan Committee.

By compressing the settlement cycle, the SEC aims to reduce counterparty exposure, lower systemic settlement risks, and boost overall market liquidity.

The regulator emphasised that this reform bridges the infrastructure gap with developed economies, following the United States, Canada, and Mexico, which migrated to T+1 in May 2024, as well as India’s recent strides toward instantaneous settlement.

The SEC stated it will continue to monitor operational workflows and engage market participants through its automated division ([email protected]) to ensure an orderly transition.

To formalise the launch, CSCS and the Nigerian Exchange Group (NGX) will host a joint Special Closing Gong ceremony on June 1 at the NGX House in Lagos, drawing together institutional heavyweights and regulatory bodies to mark the start of the live environment.