CBN Don Cap POS Agent Daily Transaction at ₦1.2 Million – New Guideline Land

The Central Bank of Nigeria (CBN) don release fresh guideline wey go shake the POS industry across the country. According to the new rule, any POS agent no fit do more than ₦1.2 million transaction in one day.

CBN yarn say the new policy go help reduce money laundering, fraud, and illegal transactions wey don dey spread through POS business. The bank also talk say this move na part of plan to make financial system more transparent.

Plenty agents don begin react say the new cap go affect their daily operations, especially for areas wey people depend on POS for cash and transfer.

CBN Order Banks and Fintechs to Submit Monthly POS Report

Inside the same new guideline, CBN don order all commercial banks, microfinance banks, and fintech companies to dey submit monthly report of how their POS agents dey operate.

According to the apex bank, this report go help them monitor who dey do legal business and who dey use POS to wash dirty money. CBN talk say any institution wey no comply go face sanction or lose license to operate.

The new rule mean say every agent activity – from number of transactions to customer complaints – go now dey tracked closely by CBN and law enforcement agencies.

Central Bank of Nigeria Warn POS Operators Make Dem Register Properly

Central Bank of Nigeria also warn all POS agents wey never register officially make dem rush do am before wahala go land. The bank talk say from now, only agents wey get valid registration with approved financial institutions go fit operate.

According to the circular, this step go help identify real agents and remove scammers wey dey use POS to dupe people. CBN advise Nigerians make dem always use only verified POS machines wey get bank or fintech name clearly shown.

Many Nigerians still dey react to the policy online — some say e go restore order, while others believe say e go make cash access harder for rural areas.