The Central Bank of Nigeria (CBN) has introduced new regulatory guidelines for Point-of-Sale (POS) operations, capping daily transactions at ₦1.2 million per agent and ₦100,000 per individual customer. The move is aimed at strengthening oversight, promoting financial integrity, and protecting consumers in the agent banking system.
Under the new framework, financial institutions overseeing POS agents are now required to submit monthly reports to the apex bank. These reports must include details of transactions — such as their nature, value, and volume — as well as records of fraud cases, customer complaints, active agents, and agent training programs.
According to the CBN, the new rules are designed to curb misuse of POS services for fraudulent or illicit activities, ensure better monitoring of financial transactions, and safeguard consumer interests.
The guidelines also stipulate that the monthly reports must be submitted no later than the 10th day of the month following the reporting period.
To enforce compliance, the CBN warned that erring institutions risk administrative sanctions, suspension from onboarding new agents, or even license revocation.
The apex bank said the measures will strengthen public confidence in the agent banking ecosystem while improving accountability and transparency in financial service delivery across Nigeria.