PoS Agents Kick Against New CBN Rule, Demand Immediate Reversal

Point-of-sale (PoS) operators across Nigeria have voiced strong opposition to a new policy introduced by the Central Bank of Nigeria (CBN), which seeks to limit agents to using a single payment terminal provider.

The operators argue that the directive, which is part of broader reforms in the agent banking sector, could severely disrupt their businesses and reduce their income streams. Many agents currently rely on multiple terminals from different service providers to meet customer demand and avoid network failures.

Under the proposed framework, each agent would be tied to one financial institution or service provider, a move regulators say is aimed at improving transparency, curbing fraud, and strengthening oversight within the rapidly expanding digital payment ecosystem.

However, PoS operators insist the policy fails to consider the realities on the ground, including frequent network downtime and service disruptions. They warn that restricting them to a single terminal could lead to delays in transactions, loss of customers, and reduced access to financial services, especially in underserved areas.

Industry stakeholders have also raised concerns that the regulation may force many small-scale operators out of business, as they would struggle to adapt to the new requirements or absorb potential losses.

The protest highlights growing tension between regulators and operators in Nigeria’s financial services space, as authorities continue efforts to tighten controls and enhance accountability in the sector.