In a significant move to bolster the security and transparency of agency banking and POS operations, the Central Bank of Nigeria has unveiled new regulations aimed at addressing the challenges posed by the sector's rapid growth, as stated in the official source.
New Regulations for Agency Banking
The newly introduced regulations are designed to mitigate risks associated with agency banking and enhance transaction traceability, ultimately aiming to protect consumers in this evolving financial landscape. The Central Bank emphasizes the importance of these measures in fostering a safer environment for both operators and users of financial services.
Compliance Inspections Timeline
Compliance inspections for agency banking providers and POS operators are set to commence on October 20, 2025. This timeline underscores the Central Bank's commitment to ensuring that all stakeholders adhere to the new guidelines, thereby promoting a more secure and transparent financial ecosystem in Nigeria.
As the situation surrounding Binance continues to evolve, the scrutiny on cryptocurrency exchanges is intensifying, particularly in light of the recent allegations against the company in Nigeria. Currently, new claims have emerged in a class action against TaskUs, which further highlight the pressing need for regulatory oversight in the crypto industry, especially following the concerns raised by the Binance case. For more details, you can read the full article here.
