Image Credit: Ali Nkwubwa
The Digest:
In a sweeping move to secure financial transactions, the Central Bank of Nigeria has unveiled a stringent new framework for Point-of-Sale operators. As reported by financial analyst Abdullahi, the new rules, effective April 2026, aim to curb fraud, limit transaction risks, and professionalize the agency banking ecosystem by enforcing strict eligibility and operational checks.
Key Points:
- Agents are restricted to operating with only one super-agent or bank, prohibiting multiple POS terminals.
- Transaction limits are set at ₦100,000 daily and ₦500,000 weekly per customer.
- Individuals with non-performing loans, a watchlisted BVN, or a criminal record are disqualified.
- Mandatory credit checks and formal agreements with a bank are required before onboarding.
- Prospective agents must complete a training program provided by their bank or super-agent.
- A dedicated bank account must be used solely for the POS business to prevent fund mixing.
- Agents must operate from a fixed location, with movement restricted to a 10-meter radius.
Sources: CBN Guidelines via Abdullahi on X
