Point-of-Sale (PoS) operators across Nigeria are raising alarm over the Central Bank of Nigeria’s (CBN) latest agent banking regulations, warning that the new policy could wipe out small fintech companies and put millions of livelihoods in jeopardy.
Newsonspot reports that the new directive bars PoS agents from operating across multiple financial platforms. This means agents who currently work with providers such as Moniepoint, OPay, and PalmPay will now be required to choose just one platform to operate under. The rule, according to operators, will cripple business flexibility, limit competition, and deepen the dominance of a few big players in the market.
The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has described the move as “anti-competitive” and “dangerous” for one of Nigeria’s fastest-growing sectors. The association warned that the CBN’s policy could force thousands of agents to abandon smaller fintechs, which may not survive the loss of their agent networks.
Nigeria currently has over 1.9 million registered PoS agents, many of whom depend on multiple platforms to stay in business. Operators say the ability to switch between networks during downtime is key to serving customers efficiently. Removing that flexibility, they argue, will drive many out of business and reduce access to financial services, especially in rural areas.
The new framework also introduces stricter branding rules. Agents are now expected to operate only from kiosks branded by their chosen institution and are discouraged from running additional small businesses from the same shop. Many PoS agents say this is impractical, as most rely on petty trading to meet daily expenses and repay loans.
Under the guidelines signed by the CBN’s Director of Payments System Policy, all agent transactions must now pass through a dedicated account or wallet controlled by the principal institution. Agents found using unauthorized accounts risk suspension or blacklisting. The rules also set a ₦100,000 daily transaction limit per customer and require PoS terminals to be geo-fenced within a 10-metre radius of their registered address.
The Central Bank has set April 1, 2026, as the enforcement date for the new policy. The apex bank says the move is part of broader efforts to sanitize Nigeria’s payment system and enhance transparency. However, industry stakeholders insist the CBN failed to consult adequately with field operators before introducing the framework.
Analysts warn that if implemented without review, the regulation could destabilize Nigeria’s growing PoS ecosystem, which has become a cornerstone of the cashless economy. For millions of small business owners and agents who depend on these platforms, the new rule could be the difference between survival and shutdown.
