- Bank agents are now banned from using PoS terminals for transactions, according to new guidelines issued by the CBN
- The ban is part of a more extensive list of 16 prohibited activities for bank agents, which includes accepting cheques and conducting foreign transactions
- The CBN stated that the new guidelines were necessary due to the increasing number of banking agents across the country
The Central Bank of Nigeria (CBN) has released a regulatory framework for agent banking operations, which includes several restrictions to mitigate risks in the financial sector.
The guideline was announced in a circular titled Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria, signed by Musa I. Jimoh, the director of the Payments System Management Department.
