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Digital payments accounted for 98% of all business transactions in early 2026. However, with this growth comes increased scrutiny. The CBN’s ‘Circular on Electronic Payment Protection’ mandates that every merchant must follow a specific security and reporting protocol. If you accept payments via POS or Web, you need this compliance checklist.
The “Instant Value” Mandate
In 2026, the CBN moved to T+0 (instant) settlement for all domestic POS transactions. Merchants no longer have to wait 24 hours for their money. However, to enjoy this, your POS must be linked to a verified corporate TIN. Using a ‘Personal’ POS for business is now a ₦50,000 per-day fineable offense.
The 2026 E-Payment Checklist:
- TIN Validation: Is your POS linked to your company’s Tax ID?
- MDR Limits: Ensure your provider isn’t charging above the 0.5% cap for SMEs.
- Cybersecurity Levy: Verify that the 0.5% levy is correctly itemized on receipts.
- 2FA: Are all web payments protected by 3D-Secure 2.0?
Reporting Chargebacks
The 2026 rules require merchants to resolve chargeback disputes within 48 hours. If you fail to respond, the bank is authorized to automatically debit your account. Stay ahead by understanding transaction reporting rules.
Step-by-Step: Securing Your Payment Gateway
- Audit Your Terminal: Ensure your POS displays your registered business name, not a ‘Trading As’ name.
- Review Service Level Agreements (SLAs): Your provider must guarantee 99.9% uptime.
- Configure Tax Logic: Ensure VAT is calculated and remitted automatically where applicable.
- Check ₦50 EMTL: Ensure the Stamp Duty is being deducted from the sender, not your profit.
Practical Example: The Boutique Owner
‘Classy-Wear Lagos’ was using three different POS brands. In 2026, they consolidated to a single compliant provider that offered an integrated dashboard. This allowed them to automatically reconcile their daily sales with their FIRS tax filings, saving their accountant 10 hours of work per week.
External Resources
Consult the NIBSS website for payment statistics. For security standards, visit PCI SSC.
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