Nigerian PoS Operators React to Fraud Surge Amid CBN Crackdown

Point of Sale (PoS) operators in Nigeria are responding to a surge in fraud cases and a crackdown by the Central Bank of Nigeria (CBN). Following the CBN's new policy requiring payment system participants to adopt the ISO 20022 messaging standard by October 31, 2025, PoS operators are facing increased scrutiny.

Data from the Financial Institutions Training Centre (FITC) shows a rise in PoS fraud cases, making it a common type of fraud in Nigeria. To combat this, the CBN mandated PoS agents to register their businesses with the Corporate Affairs Commission (CAC) under Section 863 of the Companies and Allied Matters Act (CAMA) 2020 by September 5, 2024, or risk losing their accounts.