In a new regulatory move, the Central Bank of Nigeria (CBN) has introduced operational guidelines that cap daily transaction volumes for Point-of-Sale (POS) agents at ₦1,200,000 (one million, two hundred thousand naira).
Under the same directive, all financial institutions are now required to submit monthly reports detailing the activities of their POS agents — including transaction volumes and patterns — to bolster oversight and transparency.
The guidelines are part of the CBN’s broader effort to strengthen controls in the payments ecosystem, curb fraud, and maintain stability in the financial system.
Key Provisions & Implications
- POS agents will no longer be permitted to carry out aggregate daily transactions exceeding ₦1.2 million under any circumstance.
- Banks and other financial institutions must now closely monitor their agent networks and provide monthly disclosures to the central bank, likely including agent-level transaction data, suspicious activity reports, and compliance status.
- This cap may affect agents handling high transaction volumes, especially in commercial hubs, and could lead to adjustments in their operating behaviors or fee structures.
- For consumers, the move might introduce constraints during peak demand periods, if agents reach their caps earlier in the day.
- On the upside, enhanced reporting and limits could help detect anomalies, reduce money-laundering risks, and improve the integrity of the POS network.
Outlook
The success of this policy will hinge on enforcement, the clarity of the reporting framework, and how well POS operators and banks adapt. Stakeholders are watching to see whether the CBN will issue further clarifications — for example, detailing penalties for non-compliance or defining exceptions — in the coming weeks.
📌 #Nigeria #CBN #POS #FinancialRegulation #BankingNews
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