A new policy by the Central Bank of Nigeria (CBN) may put about 40 per cent of Point-of-Sale (PoS) operators out of work, according to the Association of Mobile Money and Bank Agents of Nigeria (AMMBAN).
The CBN recently released new guidelines for agent banking, which limit PoS agents’ daily transactions to ₦1.2 million and restrict them to operating under only one financial service provider. The new rules, which will take effect from April 1, 2026, are aimed at ensuring transparency and reducing fraud.
However, the National President of AMMBAN, Fasasi Sharafadeen, warned that the policy could cripple small-scale PoS businesses and hurt Nigeria’s financial inclusion goals.
Sharafadeen said, “About 40 per cent of PoS operators will be out of business. Many agents use multiple terminals from different service providers to ensure efficiency. The new exclusivity rule will destroy that balance.”
He explained that most agents rely on more than one provider to serve customers when network issues arise.
“When one network fails, we switch to another to keep customers happy. Limiting us to one provider will make transactions frustrating and slow,” he added.
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Sharafadeen also criticised the plan to geo-fence PoS locations within a 10-metre radius, saying it was “impractical” and could shut down many rural businesses. He urged the CBN to consult stakeholders and revise the policy.
“The central bank may have good intentions, but the implementation process is faulty. Agency banking is powered by small business owners who finance their own operations, not big companies,” he said.
PoS operators across the country have also raised concerns that the ₦1.2 million daily transaction cap will hurt their income.
A Lagos-based PoS operator, Oluwatobi, said, “Sometimes I give out over ₦1.2 million in a day. With this policy, I’ll lose customers and my savings will drop. The CBN is not considering the realities of our business.”
Another operator, Akiyemi Olabode, who manages three PoS terminals, said the rule would affect his livelihood.
“This is my main source of income. Limiting transactions will make it hard to survive,” he lamented.
A female operator, Grace, described the policy as “unfair” and “anti-business.” She said many women depend on PoS work to support their families. “If CBN limits what I can give out daily, I’ll lose customers and my income will drop,” she said.
Economists are divided on the matter. A former CBN Director, Prof. Akpan Ekpo, said the policy might help improve transparency and security but called for better monitoring.
“If the goal is to track cash and reduce fraud, that’s fine. But it may affect PoS operators, especially in rural areas,” he noted.
Meanwhile, Dr. Olawale Ajayi of Lagos Business School said the policy could strengthen financial accountability if well implemented.
“Linking agents’ Bank Verification Numbers and Tax Identification Numbers will help trace fraud and misconduct,” he said.
But Boniface Okezie, Chairman of the Progressive Shareholders Association of Nigeria, accused the CBN of overregulation.
“The CBN should focus on improving the quality of the naira and fixing ATM issues instead of micromanaging small businesses,” he argued.
The CBN insists that the new policy will strengthen the integrity of the agent banking system and promote financial inclusion — but PoS operators warn it could have the opposite effect.