Unified Payments Emerges Second Holder of Payment Terminal Service Aggregator Licence

Unified Payments Services Limited, also known as Unified Payments — Nigeria’s premier fintech service provider — has been awarded the country’s second Payment Terminal Service Aggregator (PTSA) licence by the Central Bank of Nigeria (CBN) to combat financial crimes and market irregularities.

According to the CBN, this development aims to ensure that all point-of-sale transactions in Nigeria are conducted through a licenced Payment Terminal Service Aggregator (PTSA), as is already required.

This licence authorises the company to provide payment terminal services, allowing merchants to accept customer payments via several channels, including point-of-sale (PoS) terminals, mobile payments, and online payments.

Dr. Agada Apochi, Chief Executive Officer, Unified Payments Services Limited

In August 2011, the Central Bank of Nigeria issued guidelines for Point of Sale (PoS) card transactions, designating Nigeria Inter-Bank Settlement System Plc (NIBSS) as the primary PTSA in charge of overseeing and managing PoS transactions throughout the financial sector.

In January 2024, the CBN collaborated with the Association of Mobile Money and Banking Agents of Nigeria (AMMBAN) to develop a new feature on PoS terminals, detecting fraudulent transactions at agents’ locations by requesting specific KYC information before processing certain transactions.

Following the apex bank’s public bid process, Unified Payments emerged as the second gateway.

Launched in 1997, Unified Payments is a group of companies offering several services, including Financial Technology, Banking, Payment Schemes, Digital Commerce, Value Added Services, Payment Solutions, Software Solutions, etc.

A consortium of Nigerian banks, including First Bank, Access Bank, United Bank for Africa (UBA), Guaranty Trust Bank Plc, Zenith Bank, and Fidelity Bank, own the company. Unified Payments pioneered PoS payments in Nigeria with the ValuCard, the nation’s first payment card.

Unified Payments has evolved into a neutral service provider that facilitates transactions under various schemes while continuing to provide leading payment technologies and services, allowing different operators to leverage their expertise, licences, and capabilities, resulting in fast and seamless transactions.