By Tgnews Reporter, Abuja
The Central Bank of Nigeria (CBN) has introduced stringent measures prohibiting debtors and individuals with blacklisted Bank Verification Numbers (BVNs) from operating as Point-of-Sale (PoS) agents, as part of a broader effort to curb fraud and enhance financial system integrity.
This directive, outlined in the newly released Guidelines for the Operations of Agent Banking in Nigeria (October 2025), aims to reinforce discipline and accountability in the agent banking sector.
PoS operators and banking agents are now required to use dedicated accounts or wallets exclusively for agent transactions, with the CBN empowered to blacklist violators, suspend operations, or revoke licenses for non-compliance. Blacklisted agents or super-agents will be barred from operating under any financial institution nationwide.
The move builds on existing CBN frameworks for BVN operations, which have long restricted watch-listed individuals—those involved in confirmed breaches like fraud—from accessing electronic channels such as ATMs, PoS terminals, internet banking, and mobile banking.
Debtors face similar hurdles, as the apex bank has historically used BVN data to block access to new loans and services for defaulters, aiming to promote credit discipline and reduce bad loans in the system.
This latest policy comes amid recent updates to agent banking rules, including daily transaction limits of N1.2 million per agent and N100,000 per customer, to mitigate risks in a sector plagued by proliferation and misuse. Institutions flouting these guidelines risk severe sanctions, including fines, management removals, or operational suspensions.
Analysts view the restrictions as a proactive step to protect consumers and restore public confidence in Nigeria’s digital payment ecosystem, where PoS agents play a key role in financial inclusion. However, it may impact informal operators reliant on these services, potentially pushing for stricter Know Your Customer (KYC) compliance.
The CBN emphasized that these measures align with ongoing reforms to safeguard the financial system, with enforcement expected to commence immediately. PoS agents are urged to verify their BVN status via official channels to avoid disruptions.
