Business

CBN Bars POS Agents From Carrying Out Cash Withdrawal, Deposit transactions

OPay

The Central Bank of Nigeria (CBN) has barred Point of Sale (POS) agents from using POS machines meant for merchants to carry out deposit and cash withdrawal transactions.

The apex bank disclosed this in a circular announcing the Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria.

According to the CBN, the agent banking initiative has resulted in the rising number of financial services agents across the country, which has resulted in a significant and growing portion of financial transactions, being conducted through the agents.

Section 8.3 of the guidelines which highlighted prohibited activities for agents stated:

“An agent shall not accept deposit or allow withdrawal above an amount which shall be prescribed, from time to time by the bank.
“Use the wrong option for transactions e.g agents shall not use the purchase option PoS Terminals for cash in and cash out transactions.”

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