Naira Transactions: Avoid PoS Terminals – CBN Issues Directive

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Naija News
Naija News

NIGERIA NEWSNaira Transactions: Avoid PoS Terminals – CBN Issues Directive Tuesday, March 14th, 2023 at 1:47 PMBy George Oshogwe Ogbolu 
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Naira Scarcity: E-payment Plummet To N37tn Amid Rise In Failed Transactions

The Central Bank of Nigeria (CBN) has restricted agents from using Point of Sale (PoS) terminals meant for merchants to carry out cash-in and cash-out transactions.
Naija News reports that the CBN gave the directive in a circular announcing the Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria.








The apex bank stated that the agent banking initiative has resulted in the proliferation of financial services agents across Nigeria.

The bank said this has resulted in a significant and growing portion of financial transactions being conducted through the agents.

CBN said: “This has necessitated the review of agent banking regulations to streamline activities in agent banking while ensuring that appropriate risk mitigation measures are taken by stakeholders.”

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