In a significant move to regulate the burgeoning agent banking sector, the Central Bank of Nigeria (CBN) has introduced new guidelines for Point of Sale (PoS) banking agents. According to the conclusions drawn in the analytical report, this initiative aims to streamline operations and enhance customer protection in the face of increasing PoS operators across the country.
New Regulations for PoS Banking Agents
Under the new regulations, PoS banking agents are required to register with only one financial institution, ensuring that they are appointed directly by that institution. This measure is designed to prevent conflicts of interest and improve accountability within the sector.
Compliance Deadline Set by CBN
The CBN has set a compliance deadline of April 1, 2026, for all PoS operators to adhere to these guidelines. This timeline allows agents to adjust their operations accordingly while the CBN seeks to bolster regulatory oversight and mitigate the risks of fraud.
Aiming for a Stable Financial Environment
By implementing these changes, the CBN aims to create a more stable financial environment, ultimately protecting customers and enhancing the integrity of the financial system in Nigeria.
