5 Big Changes PoS Operators Must Know About CBN’s New Agency Banking Rules
The Central Bank of Nigeria (CBN) is rolling out new regulations impacting agency banking and Point of Sale (POS) operators. This move is designed to bring structure and oversight to the rapidly growing agency banking sector, which has exploded in popularity over the last five years, particularly due to the increased need for accessible financial services.
Key Regulatory Shifts for POS Operators
With billions of Naira changing hands daily through agency banking, the CBN is focusing on mitigating risks and increasing transparency. POS operators need to be aware of key changes, including stricter KYC (Know Your Customer) requirements for agents, enhanced transaction monitoring to combat fraud, and mandatory registration of all POS terminals with detailed location information. Furthermore, the CBN is implementing measures to limit the use of cloned terminals and improve overall transaction traceability. Finally, expect increased scrutiny and enforcement of consumer protection policies to ensure accountability within the agency banking network.
These new guidelines from the CBN signal a more regulated era for agency banking in Nigeria. By focusing on risk reduction, enhanced traceability, and consumer protection, the CBN aims to create a more secure and reliable financial ecosystem for all users. POS operators and fintech companies must adapt to these changes to ensure compliance and continued participation in this vital sector.
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