By David Kabiyesi
Irked by the excessive gain coupled with untold hardship that Point of Sale (PoS) operators inflicted on Nigerians, the Central Bank of Nigeria (CBN) has placed a ban on agents from using merchants’ terminals for cash-in and cash-out transactions, iwitnesslive.com can report.
This was contained in a circular released about Regulatory Framework for Agent Banking in the country.
“This has necessitated the review of agent banking regulations to streamline activities in agent banking while ensuring that appropriate risk mitigation measures are taken by stakeholders”, it said.
Section 8.3 of the ruling which highlighted prohibited activities for agents stated:
“An agent shall not accept deposit or allow withdrawal above an amount which shall be prescribed, from time to time by the bank.
“Use the wrong option for transactions e.g agents shall not use the purchase option PoS Terminals for cash-in and cash-out transactions.” the circular reads.
