By Atoyebi Nike
Point-of-Sale (PoS) operators in Nigeria will soon be required to work exclusively with one principal under new agent banking rules released by the Central Bank of Nigeria (CBN) on October 6, 2025.
From April 1, 2026, operators using Moniepoint, OPay, PalmPay, or similar platforms must align with one bank, fintech, microfinance bank, or licenced super agent. This is part of the CBN’s regulatory overhaul of the agent banking sector, the most comprehensive since its inception in 2013.
The guidelines aim to raise operational standards, improve service quality, and enhance financial inclusion. Principals must publish updated agent lists and locations, while agents are required to maintain proper transaction records and report suspicious activities.
Agents must conduct all transactions through a dedicated account with their principal. Any breach could result in blacklisting or prosecution. The CBN can now directly request records from agents, bypassing intermediaries.
Nigeria had 8.36 million registered PoS terminals by March 2025, with 5.90 million active. Transactions rose to ₦10.51 trillion in Q1 2025- a 301.67% jump from the previous year. The apex bank hopes the new rules will strengthen oversight, control inflation, and stabilize the financial system.
