With its freshly updated Central Bank of Nigeria (CBN), the Central Bank has boldly tightened supervision on the Point of Sale (PoS) ecosystem.
Instructions for the operation of agent banking in Nigeria. Individuals and companies with outstanding loans, blacklisted Bank Verification Numbers (BVNs), or a history of financial misbehavior are now barred from acting as PoS agents by the apex bank.
Published on October 6, 2025, the guidelines are intended to improve integrity and accountability in the agent banking system, a business that has driven Though still exposed to fraud, inadequate monitoring, and reputational risks, financial inclusion
Who Can’t Work as PoS Agents
Anyone with a non-performing loan during the previous 12 months is disqualified from becoming an agent under the new regulations. To guarantee transparency and stop defaulters from re-entering the system under fresh identities, the CBN stated these checks would be applied via credit bureaus. Similarly permanently disqualified are people with watch-listed BVNs, those financially blacklisted, or those convicted of fraud and other offenses.
Furthermore excluded from eligibility are bankrupt businesses or people under insolvency procedures since the CBN strives to guarantee that only financially sound and credible operators manage consumer transactions.
Strict Eligibility Criteria
Prospective agents must satisfy a few fundamental requirements under the rules. Candidates must submit all CBN-required paperwork and demonstrate proficiency in processing payments, withdrawals, and deposits, as well as other transactions. They have to be at least 18 and of sound mind as well.
Financial institutions, super agents, and payment service providers are now bound to perform more thorough background checks on agents prior to authorization. This covers credit history verification, criminal records, funding sources, and physical business addresses.
The CBN’s most recent action is not only simple regulatory upkeep but also a more extensive change intended to rebuild faith in the payment network of Nigeria, The News Chronicle understands. Through tightening of eligibility requirements and elevation of accountability criteria, the apex bank aims to reduce fraud, build confidence, and guarantee trustworthy representations of PoS agents. form extensions of the banking system.
Nigeria’s registered PoS terminals number almost 8.3 million now, with approximately 5.9 million deployed actively as of March 2025. Notwithstanding this expansion, the industry has been stained by fraud and noncompliance problems. The CBN’s new steps, which include required geo-tagging of PoS terminals and tighter transaction limits, should cleanse the industry.
The deadline for enforcement compliance has been pushed back to April 1, 2026, allowing operators adequate time to fulfill all obligations. Agents and institutions that break the rules risk severe penalties or deactivation when the new regulations go into effect.
