CBN Prohibits Cash-in and Cash-out Transactions via PoS for Agents
The Central Bank of Nigeria (CBN) has released a circular announcing the Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria.
As per Section 8.3 of the guidelines, the CBN has prohibited agents from using PoS terminals for cash-in and cash-out transactions.
This action was taken to streamline activities and ensure that stakeholders take appropriate risk mitigation measures.