The new directive, detailed in a circular issued by the Central Bank of Nigeria, requires that businesses using PoS terminals for electronic payments must route their transactions exclusively through either NIBSS or Unified Payment Services Limited (UPSL).

The platform allows users to sell products without any initial financial outlay. With just a few clicks, users can select items, set their own profit margins, and share products directly on social media platforms.

Through its digital infrastructure, Pumpkn aims to make financing more accessible and affordable, lowering the costs for both borrowers and lenders. Farmers and food processors can apply for loans ranging from R5,000 to R5 million and receive funding within 10 days — an expedited process compared to traditional banking channels.

Under POPIA, companies found to have breached data protection rules face severe penalties, including fines of up to R10 million (roughly $550,000) or prison sentences of up to 10 years.