CBN Imposes Tougher Sanctions on PoS Operators - ₦5 Million Minimum Fine
The Central Bank of Nigeria (CBN) has announced stricter regulations for Point of Sale (PoS) operators, setting a minimum fine of ₦5 million for non-compliance with new directives. The CBN's circular, effective immediately, mandates PoS terminals to adhere to the updated agent banking rules to enhance transparency and expand the PoS ecosystem.
The new regulations also include additional daily penalties for continued violations. Financial institutions acting as super agents are required to ensure full compliance and maintain an updated agent register.
The CBN extended the deadline for enforcing the new agent location rule to April 1, 2026, allowing operators time to adjust to the revised framework and avoid regulatory sanctions.
Plus234Feed summary based on reporting from News Online Nigeria. Read the original report below.
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