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.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
Read full article
Continue on Leadership Newspaper
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
CBN Releases New Guidelines for PoS Agents: What You Must Know
CBN Issues New Order to Banks, Opay, Moniepoint, Palmpay, Kuda, Others on POS Machines in Nigeria
Nigerian PoS Agents Combat Fraud Allegations Amid Profitability Concerns
CBN Launches Compliance Department for Regulatory Oversight
CBN Strengthens Oversight and Compliance in Nigeria's Financial Sector
Tinubu Urges CBN to Track Digital Currency Payments for Economic Growth
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
