There’ll be Consequences: CBN Lists Those Eligible to Operate PoS Business, Blacklists Debtors’ BVNs
- The Central Bank of Nigeria has set tougher conditions for operating agency banking or PoS business
- The apex bank, in a raft of rules released on Monday, September 6, 2025, blacklisted some BVNs and set an age limit for agency banking
- The CBN also barred debtors from opening PoS business and imposed a strict onboarding process for operators
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
The Central Bank of Nigeria (CBN) has drawn a hard line in the sand for Nigeria’s Point of Sale (PoS) operators, issuing new eligibility rules that will bar debtors, fraudsters, and financially unstable individuals from the booming agent banking business.
The new Guidelines for the Operations of Agent Banking in Nigeria, released on October 6, 2025, represent one of the most sweeping regulatory shakeups in recent years, designed to clean up an industry critical to financial inclusion but increasingly marred by fraud and weak oversight.
Source: Twitter
Who can’t be a PoS agent anymore
According to the CBN, any person or company with a non-performing loan in the past 12 months is automatically disqualified from operating as a PoS agent.
The apex bank said it would verify such credit histories through licensed credit bureaus, effectively shutting the door on defaulters who have long used agent banking as a financial backdoor.
Also blacklisted are individuals whose Bank Verification Numbers (BVNs) have been flagged for suspicious or fraudulent activity, as well as anyone convicted of financial crimes, fraud, dishonesty, or felonies.
Bankrupt individuals and insolvent companies will also be denied participation, as the CBN insists that only financially sound and trustworthy operators can handle customer funds.
The new rule sends a strong signal: the days of unverified, loosely supervised PoS operators are over.
Stricter onboarding and eligibility standards
Under the revised framework, would-be agents must meet clear minimum criteria. They must:
- Prove capacity to perform core services like deposits, withdrawals, and bill payments.
- Submit full KYC documentation and secure any required local authorisations.
- Be at least 18 years old, of sound mind, and financially solvent.
In addition, banks and licensed payment service providers—referred to as “principals”, must carry out comprehensive background checks before appointing agents.
These include verifying credit history, business addresses, sources of funds, and potential conflicts of interest.
The CBN said these steps will ensure that only credible actors are allowed to operate at the “last mile” of financial access.
Why the crackdown matters
Agent banking, powered largely by PoS operators, has transformed Nigeria’s financial landscape, bringing banking services to rural and unbanked populations.
As of March 2025, there were over 8.3 million registered PoS terminals and 5.9 million active nationwide, processing billions of naira monthly.
However, the industry has also been dogged by fraud, theft, and illegal operators, prompting the CBN to act.
By disqualifying agents with poor credit records or compromised BVNs, the regulator aims to restore public trust and protect customers from shady operators.
The bigger picture: Tougher times ahead
This reform is part of a broader tightening by the CBN, which includes mandatory geo-tagging of PoS terminals, transaction limits, and real-time settlements.
In August 2025, the apex bank had given operators 60 days to geo-tag their devices and comply with global ISO 20022 standards.
The latest directive now extends the deadline to April 1, 2026, offering temporary relief but no escape.
After that date, non-compliant agents risk being shut down and heavily fined.
For PoS operators, the message from the CBN is unmistakable: clean up or close shop.
Source: Getty Images
A prior report by Legit.ng disclosed that the apex bank also set daily, weekly and monthly withdrawal limits for PoS operators and their customers.
CBN to lock out POS operators' machines
Legit.ng earlier reported that CBN has ordered banks and fintechs to geo-tag over 4 million PoS terminals.
Starting soon, any POS machine used outside its registered location will be shut down.
In plain terms, no more moving terminals around to do business in multiple places, and security agencies will be able to easily track fraud.
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Source: Legit.ng
