Lagos, Nigeria – Wetin dey happen? Our good people for Central Bank of Nigeria (CBN) don release serious new rules wey go jam point-of-sale (PoS) agents. Dem go bar these agents from using multiple service providers. This new law wey come out on October 3, 2025, go kick off from April 2026. Na to make sure say we fit reduce fraud wey dey happen for our fast-growing agent banking sector.
According to CBN Circular Ref: FPR/DIR/PUB/CIR/002/025, every PoS agent go need to register with only one super-agent or bank. Dem dey try clean up the system make e dey traceable. Na wah! In the first eight months of 2025, PoS transaction value don pass NGN88 trillion ($70 billion), as NIGERIA Inter-Bank Settlement System (NIBSS) talk. This new directive go finish the small-small trick wey agents dey use, running multiple terminals from companies like OPay, PalmPay, and Moniepoint.
Another one wey dey important na geo-tagging. All PoS machines go dey locked to where dem dey!
We hear say the limit for daily withdrawal na NGN1.2 million ($816). This move go help improve data integrity and consumer protection for our booming sector. With over 2.1 million active PoS terminals across the nation, e no go dey easy to manage this kain system.
Some industry people, like Association of Mobile Money Agents of Nigeria (AMMAN), don dey cry out. Dem dey ask CBN make dem review the timeline for all this wahala because dem dey fear say e fit lead to job loss and network issues. Dem talk say, restricting flexibility no go help small agents wey dey rely on multiple devices to survive network wahala.
But the regulators dey insist say these new rules go help tackle all the fraud wey don dey grow. Dem dey try standardize platforms to curb transaction reversals, fraud, and untraceable disputes involving rogue agents. E mean say from March 31, 2026, operators must submit updated agent list and KYC documents. If dem no comply? Wahala dey wait for dem!
Na sacred ground dem don talk say the fintechs don take control of Nigeria’s agent banking world. Moniepoint dey hold around 42% of the total PoS business, with OPay and PalmPay following behind. Those ones don prove say they fit deliver cash services to rural and low-income communities, turning our paper money into digital income.
But this new rule e go change plenty things. CBN dey try balance financial inclusion and integrity. As Nigeria dey digitize payment, dem dey walk rope to make sure innovation no turn to abuse. This limited daily transaction wey dem don set go push agents to formalize operations and expand wey dem dey do.
Indeed, na serious time for all these agents! Dem must figure way to work within these new limits if dem wan survive this fresh shake in the market!
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