The Central Bank of Nigeria (CBN) has prohibited agents from using cash-in and cash-out Point of Sale (PoS) terminals intended for merchants.
In a circular announcing the Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria, the apex bank made this information public.
The CBN claims that the agent banking strategy has led to the growth of financial services agents throughout Nigeria, with a sizable and increasing proportion of financial transactions now being carried out through the agents.
It stated that “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”,
Section 8.3 of the guidelines which highlighted prohibited activities for agents stated: “An agent shall not accept deposit or allow withdrawal above an amount which shall be prescribed, from time to time by the bank.
“Use the wrong option for transactions e.g agents shall not use the purchase option PoS Terminals for cash in and cash out transactions.”
This new development will put many POS agent out of business. Although, As the naira scarcity increase the POS agent really cash-out from the crisis.
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