CBN Imposes ₦5m Fine on Rogue POS Agents to Clean Up Financial System
The Central Bank of Nigeria (CBN) has imposed a ₦5 million fine on operators involved in illegal activities within the Point of Sale (POS) sector. This move is part of the CBN's efforts to clean up the loosely regulated POS sector and ensure a more transparent financial system.
The CBN's revised guidelines on Agent Banking aim to strengthen oversight and enforce accountability within the system. Agent banking has become a crucial component of Nigeria's cashless drive, with over two million POS agents operating nationwide.
The CBN's directive prohibits agents from offering services outside the approved scope, including foreign exchange sales, cryptocurrency transactions, and account openings on behalf of financial institutions.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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