CBN Issues Strong Directive On Use Of PoS Terminals For Transactions (DETAILS)

CBN Issues Strong Directive On Use Of PoS Terminals For Transactions (DETAILS)

The Central Bank of Nigeria (CBN) has prohibited agents from using cash-in and cash-out Point of Sale (PoS) terminals intended for merchants.

This was revealed by the central bank in a circular announcing the Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria.

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According to the Central Bank of Nigeria, the agent banking initiative has resulted in the proliferation of financial services agents across Nigeria, resulting in a significant and growing portion of financial transactions being conducted through the agents.

“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”, it said.