CBN Issues Fresh Rules for PoS Operators, Pegs Daily Limit at ₦1.2 Million

The Central Bank of Nigeria (CBN) has released a new set of guidelines for Point of Sale (PoS) operators across the country, capping their daily cash-out limit at ₦1.2 million and restricting individual transactions to ₦100,000 per day.

The policy, contained in a circular signed by Musa Jimoh, Director of the Payments System Policy Department, was issued to all deposit money banks, financial institutions, and payment service providers.

According to the apex bank, the new framework takes immediate effect, while provisions relating to agent location and exclusivity will become enforceable from April 1, 2026.

“PoS agents are restricted to a maximum of ₦1.2 million per day, while individual customers are limited to ₦100,000. These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” the circular stated.

The CBN added that the transaction limits may be reviewed periodically in line with its Guide to Charges for Banks and Other Financial Institutions.

Stricter Rules on Agent Operations

The new guidelines also mandate that all agent banking transactions be conducted through dedicated accounts or wallets maintained by their principal financial institutions. The use of non-designated accounts is now prohibited and will attract sanctions.

Agents found guilty of fraud, misconduct, or regulatory violations will face personal liability, including termination and possible placement on an industry watchlist.

The CBN further directed that banks and super agents must publish and regularly update the list of their authorised agents on official websites and display the same in their branches.

Under the framework, super agents, who manage other agents — must operate with at least 50 agents spread across Nigeria’s six geopolitical zones to promote financial inclusion in rural and underserved areas.

Geo-Tagging and Operational Restrictions

In a move to strengthen monitoring, the CBN ordered that all PoS devices must be geo-fenced to operate strictly within registered business locations.

The bank emphasized that agents cannot relocate, transfer, or close business premises without written approval from their principals or super agents. A 30-day notice must also be visibly displayed at the premises before any relocation.

The apex bank’s latest move aligns with its August 25 directive, requiring all PoS terminals to be geo-tagged within 60 days, with a compliance deadline of October 20, 2025. The measure aims to tackle the growing menace of fraudulent PoS transactions across Nigeria.

Eligibility and Compliance Standards

The revised rules also introduced stricter eligibility criteria for prospective PoS agents. Anyone with a non-performing loan in the past 12 months, or whose BVN has been watchlisted or blacklisted for financial misconduct, will be barred from operating as an agent.

Individuals convicted of fraud, dishonesty, or related offences, as well as those declared bankrupt, are also ineligible to operate under the new framework.

Prospective agents must demonstrate capacity to perform permissible activities including deposits, withdrawals, and bill payments and undergo comprehensive due diligence by their principal institutions.

The CBN said it remains committed to promoting transparency, consumer protection, and a secure payment ecosystem, while ensuring that agent banking continues to drive financial inclusion nationwide.