Avoid PoS Terminals – CBN Issues New Directive, give Reason
Naira Transactions: Avoid PoS Terminals – CBN Issues New Directive
The Central Bank of Nigeria (CBN) has warned its agents to avoid Point of Sale (PoS) terminals that are intended for merchants to conduct cash-in and cash-out transactions.
In a circular announcing the Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria, the apex bank issued the directive.
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According to the central bank, the agent banking initiative has led to the proliferation of financial services agents throughout Nigeria.
This, according to the bank, has led to an increasing proportion of financial transactions being conducted through agents.
CBN stated, “This has necessitated a review of agent banking regulations to streamline agent banking activities while ensuring that stakeholders take appropriate risk mitigation measures.”
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Section 8.3 of the guidelines detailing prohibited activities for agents stated, “An agent shall not accept deposits or permit withdrawals in excess of the amount prescribed by the bank from time to time.
“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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