CBN Orders Dedicated Accounts for POS Operators to Curb Fraud

The Central Bank of Nigeria (CBN) has mandated all Point of Sale (POS) operators and banking agents to operate dedicated accounts or wallets solely for agent banking transactions to enhance oversight and protect customers from fraud. The new guidelines aim to strengthen oversight, ensure transaction traceability, and prevent fund misuse.

CBN's directive empowers the apex bank to impose strict sanctions on institutions or agents found violating the new rule, including blacklisting, license suspension, or fines. The move is part of efforts to establish minimum standards for agent banking operations in Nigeria, promote financial inclusion, and improve service quality while discouraging irresponsible market conduct.