CBN Pegs PoS Agents’ Daily Transactions At ₦1.2m

The Central Bank of Nigeria (CBN) has introduced caller regulations capping regular cash-out transactions for Point of Sale (PoS) agents astatine ₦1.2 million, portion limiting idiosyncratic lawsuit withdrawals to ₦100,000 per day.

The directive, contained successful a caller Guidelines for Agent Banking Operations, was signed by Musa Jimoh, the Director of the Payments System Policy Department of the apex bank, and addressed to each deposit wealth banks, different fiscal institutions, and outgo work providers.

According to the CBN, the caller framework, which takes contiguous effect, aims to fortify fiscal integrity, curb misuse, and safeguard user interests wrong Nigeria’s increasing cause banking network.

“PoS agents are restricted to a maximum of ₦1.2 cardinal per day. Individual customers are constricted to ₦100,000 successful regular transactions.

“These limits are intended to curb misuse, heighten fiscal integrity, and support consumers wrong the cause banking framework,” the circular stated.

However, the apex slope noted that it reserves the close to set the limits “from clip to clip successful enactment with the extant CBN Guide to Charges for Banks and Other Financial Institutions successful Nigeria.”

The caller model besides mandated that each cause banking activities indispensable beryllium conducted lone done dedicated accounts oregon wallets maintained by their main fiscal institutions. The usage of non-designated accounts for cause operations is present strictly prohibited, with violators facing sanctions.

To heighten transparency and traceability, the CBN directed that each PoS terminals indispensable beryllium geo-fenced, restricting operations strictly to registered concern locations. The slope reiterated its August 25 directive, mandating each PoS devices to beryllium geo-tagged wrong 60 days, with a compliance deadline of October 20, 2025.

The CBN explained that this determination was necessitated by rising cases of fraudulent PoS transactions nationwide.

The caller model besides introduces stricter accountability measures. Agents recovered blameworthy of fraud, misconduct, oregon different offences volition beryllium held personally liable, look termination, and whitethorn beryllium placed connected an manufacture watchlist.

Principals, including banks and licensed outgo providers, are present required to people and regularly update their database of authorised agents connected their authoritative websites and successful their branches.

Super agents, who are liable for managing different agents, indispensable besides run with astatine slightest 50 agents dispersed crossed Nigeria’s six geopolitical zones, ensuring entree to fiscal services successful agrarian and underserved areas.

Furthermore, the guidelines prohibit agents from relocating, transferring, oregon closing their concern premises without anterior written support from their main oregon ace agent. Any relocation announcement indispensable besides beryllium visibly posted for astatine slightest 30 days to pass customers.

The caller rules acceptable retired stringent eligibility criteria for prospective agents. Any idiosyncratic oregon entity with a non-performing indebtedness wrong the past 12 months, a watch-listed BVN, oregon a grounds of fiscal misconduct is barred from participating successful cause banking.

Individuals convicted of fraud, dishonesty, oregon related offences, arsenic good arsenic those declared bankrupt, are automatically disqualified.

According to the CBN, the determination was designed to guarantee that lone financially unchangeable and trustworthy individuals run wrong Nigeria’s expanding fiscal inclusion ecosystem.

Prospective agents indispensable show their capableness to execute cardinal fiscal services specified arsenic currency deposits, withdrawals, and measure payments. They indispensable besides supply each mandatory documentation, get applicable authorisations, and, if individuals, beryllium astatine slightest 18 years aged and of dependable mind.

The guidelines further required principals, banks, ace agents, and outgo work providers to behaviour broad owed diligence connected imaginable agents, including checks connected recognition history, transgression background, root of funds, and concern code verification.