HomeBanking & FinanceCBN Approves Discontinuation of 'Account Type Selection' Feature for POS

CBN Approves Discontinuation of ‘Account Type Selection’ Feature for POS

Central Bank of Nigeria approves immediate discontinuation of ‘Account Type Selection’ feature for POS to enhance the effectiveness of PoS transaction process. Learn more!

If you’ve ever used your card to pay for items using the POS, I am sure you are fed up of answering that “Account type” question always asked by your merchants? CBN has approved immediate discontinuation of ‘Account Type Selection’ feature during POS payments.

The POS machine allows you to pay with your card when you purchase goods and services from merchants. For those who don’t know what it is… The POS stands for point of sale. A point-of-sale (POS) transaction is what takes place between a merchant and a customer when a product or service is purchased, commonly using a point of sale system to complete the transaction.

Well, that’s about to end as the Central Bank of Nigeria has approved the discontinuation of “Account Type Selection” feature on PoS transaction processes. This new business process will further reduce the PoS transaction failure rate and enhance the effectiveness of PoS transaction process.

Which account will be selected for PoS debit transactions?

From February 1, 2019, merchants will not ask you for the account type but will
select the “default” option during the PoS transaction process.

Image Credit: Wema bank

So what will those who have many accounts linked to an ATM card do?

For those who fall into this category, kindly walk into your bank’s branch and request for a debit card for all your accounts if you intend to make payments with it.

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