The Central Bank of Nigeria (CBN) has released a new set of rules for Point-of-Sale (PoS) agents and their operations.
These rules, known as the Guidelines for the Operations of Agent Banking in Nigeria, were issued on October 6, 2025. They replace all previous versions and take effect immediately.
The goal is to make financial services safer, reduce fraud, and improve service quality across Nigeria’s PoS network. As of March 2025, Nigeria had 8.36 million registered PoS terminals, with 5.9 million actively in use.
CBN has given agents until April 1, 2026 to fully comply with the new rules.
Here are the 10 most important things PoS agents should know:
1. Exclusive partnership
Each PoS agent can now work with only one financial institution – either a bank or a fintech. Agents cannot serve multiple principals at the same time.
2. Dedicated account required
All transactions must go through a special agent account or wallet created by the principal bank. Any operation outside this account is illegal and can lead to blacklisting or termination.
3. Transaction limits
CBN has set new limits for PoS transactions:
N100,000 cash-out limit per customer daily
N500,000 cash-out limit weekly
N1.2 million total transaction limit per agent daily
For deposits and bill payments, the limit is N100,000 per transaction and N500,000 weekly.
4. Stricter eligibility
Anyone under 18, those with unpaid loans, criminal records, or blacklisted BVNs cannot become agents.
Businesses must show proof of registration, tax compliance, and enough capital to operate.
5. Real-time operations and fixed location
All PoS terminals must process transactions in real time and stay within their registered location. Moving or sharing devices without official approval is not allowed.
6. Mandatory training
PoS agents must undergo training twice a year on topics such as customer service, fraud prevention, and financial literacy. This applies to both individuals and companies.
7. Customer protection
Agents must always:
Give receipts for transactions
Display their principal’s name and contact details
Clearly show approved service charges
Inform customers that services depend on fund availability
8. Daily reporting
All transaction details – including withdrawals, balances, and limits – must be sent electronically to the Nigeria Interbank Settlement System (NIBSS), which will report them to the CBN.
9. Relocation rules
Agents cannot move or close their business location without written notice and approval from their principal. A minimum of 30 days’ notice is required.
10. Penalties for violations
Agents who break the rules may face fines ranging from N2 million to N20 million. Serious or repeated offences can result in suspension or loss of licence.