The Central Bank of Nigeria (CBN) has barred agents from using Point of Sale (PoS) terminals meant for merchants to carry out cash-in and cash-out 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 proliferation of financial services agents across Nigeria, resulting 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.”

Price: ₦25,000.00 or £25 per copy [Hard Back– 10 chapters/637 pages] Contact Information Email: info@idrinstitute.com, info@adrinafrica.org WhatsApp only: 0803-703-5989 Voice Call – Mobile phones: 0817-630-8030, +234-909-965-1401, 0705-767-0347 Landline: 09-2913581, +234-9-2913499, Office Address: 50 Julius Nyerere Crescent, [Next To The World Bank], Asokoro, Abuja – Nigeria. Bank Account Details; Bank Name: UBA Plc.; Account Name: International Dispute Resolution Institute; Account Number: 1014072579