CBN Introduces New Guidelines for POS Operators

The Central Bank of Nigeria (CBN) has unveiled new operational guidelines for agent banking, introducing tighter regulations on transaction limits, reporting requirements, and consumer protection measures. 

According to the CBN, the new framework aims to establish minimum standards for operating agent banking in Nigeria, enhancing financial inclusion, encouraging responsible market conduct, and improving service quality.

According to the new guideline, a daily transaction limit per POS Agent is now pecked at ₦1.2 million per agent and ₦100,000 daily transaction limit for Individual Customers and a Weekly Transaction Limit of ₦500,000 for customers.

The CBN further stated that henceforth, all transactions must be conducted in real-time using secure and interoperable payment systems while financial institutions must submit monthly reports to the CBN detailing transaction volumes, fraud incidents, customer complaints, training sessions, and the number of active agents subscribed to them.

The CBN however warned that monitoring and enforcement of the new guidelines will be strictly carried out adding that repeated violations by agents could result in the termination of contracts, blacklisting, or regulatory sanctions against both the agents and their principal institutions.