CBN Spells Out New Guidelines for POS Operators

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The Central Bank of Nigeria (CBN) has unveiled fresh regulatory guidelines for Point-of-Sale (POS) operators and banking agents nationwide, directing them to maintain dedicated accounts or wallets solely for agent banking transactions.

The new directive, contained in the Guidelines for the Operations of Agent Banking in Nigeria (October 2025), seeks to strengthen financial oversight, improve transaction traceability, and protect customers against fraud and misuse of funds.

According to the document, the CBN will hold financial institutions accountable for ensuring full compliance among their agents. Any breaches, it warned, would attract severe penalties, including monetary fines, suspension of licences, and blacklisting from the Nigerian financial system.

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CBN Director of Payment System Policy, Musa Ibrahim, explained that the guidelines were issued to promote responsible conduct within the agent banking ecosystem and to enhance the quality of financial services.

“These guidelines establish minimum operational standards, promote financial inclusion, and safeguard customers’ interests within the agent banking framework,” Ibrahim stated in a circular to banks, other financial institutions, and payment service providers.

The new rules, which took effect on 6 October 2025, stipulate that:

“Agents shall maintain a dedicated account or wallet for agent banking transactions only. Any transaction conducted outside the dedicated account or wallet shall be regarded as violating these guidelines.”

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The apex bank further warned that institutions and agents that fail to comply risk suspension or revocation of their licences. It added that any principal institution that neglects to discipline erring agents could also face sanctions.

“Where a principal fails to take remedial action against an erring agent, the bank may impose additional sanctions, including the suspension or revocation of the principal’s licence to operate agent banking services,” the document read.

The CBN also revealed plans to publish a list of blacklisted agents and principals barred from participating in the financial system due to fraud, misconduct, or regulatory breaches.

“Any person or institution blacklisted under these guidelines shall not be permitted to operate as an agent or principal in the Nigerian financial system,” it added.

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The policy marks a major step in the CBN’s ongoing efforts to protect consumers, curb fraud, and strengthen transparency within Nigeria’s expanding digital payment and agent banking ecosystem.

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