JUST IN: CBN Bars Agents From Using POS Terminals For Transactions

CBN Bars Agents From Using POS Terminals For Transactions

The Central Bank of Nigeria, CBN has barred agents from using POS terminals for transactions.

According to a report by Vanguardngr, the Central Bank of Nigeria (CBN) has barred agents from using Point of Sale (PoS) terminals meant for merchants to carry out cash-in and cash-out transactions.

The apex bank disclosed this in a circular announcing the Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria.

According to the CBN, the agent banking initiative has resulted in the proliferation of financial services agents across Nigeria, resulting in a significant and growing portion of financial transactions being conducted through the agents.

Section 8.3 of the guidelines 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.”

Brainnews

Eyo Nse is a creative writer, blogger and a software engineer.He is a simple individual who loves to see others succeed in life.Mr Wisdytech as he is popularly known - started blogging in the early 2000's.