By Atoyebi Nike
The Central Bank of Nigeria (CBN) has introduced stricter eligibility rules for Point of Sale (PoS) operators under its revised Agent Banking Guidelines, barring individuals with bad loans, watch-listed BVNs, or financial misconduct records from the sector.
Released on October 6, 2025, the rules disqualify anyone with non-performing loans in the past 12 months, bankrupt individuals, or those convicted of fraud and related offences. Credit records will be verified through licensed bureaus to block defaulters from re-entering the system.
Banks and payment service providers must now conduct background checks on prospective agents, covering credit history, BVN status, criminal records, and sources of funds.
The CBN also extended the deadline for mandatory geo-tagging of PoS terminals to April 1, 2026, warning that non-compliant operators face closure and sanctions.
Nigeria currently has 8.3 million registered PoS terminals, with the sector playing a critical role in financial inclusion but facing rising fraud cases.
