The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to function as Level of Sale (PoS) brokers below its revised Pointers for the Operations of Agent Banking in Nigeria, successfully barring people with unresolved money owed, watch-listed Bank Verification Numbers (BVNs), or a historical past of monetary misconduct from collaborating within the fast-growing agent banking sector.
The rules, launched on October 6, 2025, goal to tighten due diligence requirements in an trade that has turn into essential to monetary inclusion however can be suffering from fraud, over-concentration of danger, and weak oversight.
The brand new guidelines mark a major tightening of Nigeria’s agent banking framework, transferring past transaction monitoring to give attention to the integrity of the people who function on the final mile of monetary inclusion.
Non-performing loans and blacklists set off disqualification
Beneath the brand new guidelines, any particular person or entity with a non-performing mortgage with any monetary establishment within the final 12 months is ineligible to be appointed as an agent. The CBN stated credit score data can be verified by means of licensed credit score bureaus, closing loopholes which have allowed people with dangerous money owed to resurface as PoS operators.
Additionally disqualified are people whose BVNs have been watch-listed, in addition to anybody who has been blacklisted for monetary misconduct. Brokers convicted of felonies, fraud, dishonesty, or associated offences may even not be permitted to function.
As well as, individuals declared bankrupt or corporations which have filed for insolvency are robotically barred from agent banking, reinforcing the regulator’s stance that solely financially secure and reliable actors can maintain such positions.
Minimal requirements for eligibility
For these in search of approval, the rules stipulate primary eligibility circumstances. Potential brokers should reveal the power to hold out permissible actions resembling deposits, withdrawals, and invoice funds. They need to additionally present all obligatory data required below CBN laws, safe authorisations from related authorities the place mandatory, and, within the case of people, be a minimum of 18 years outdated and of sound thoughts.
The central bank additionally mandated that principals — banks, tremendous brokers, and licensed cost service suppliers — conduct complete due diligence earlier than appointing brokers. This contains verifying credit score historical past, felony information, sources of funds, enterprise addresses, and pre-existing relationships that would pose dangers.
What it is best to know
Agent banking has expanded quickly in Nigeria, pushed largely by PoS operators who deliver monetary companies to rural and underserved communities. There are over 8.3 million registered PoS terminals within the nation and 5.9 million already deployed as of March 2025, with brokers dealing with billions of naira in transactions month-to-month.
Nonetheless, the sector has confronted rising instances of fraud, theft, and unlicensed operators exploiting gaps in oversight. By chopping off entry for people with poor credit score information or compromised BVNs, the CBN is signalling its intent to scrub up the PoS trade and safeguard customer belief. Trade operators, nonetheless, face increased compliance prices, as principals should combine credit score checks, BVN verification, and authorized clearances into their onboarding processes.
The brand new qualification standards are a part of broader reforms, which additionally embody obligatory geo-tagging of PoS units, transaction limits, real-time settlement necessities, and stiffer sanctions for default.
In August 2025, the CBN had already ordered operators to geo-tag all PoS units inside 60 days and align with the worldwide ISO 20022 messaging normal. That directive set the stage for tighter guidelines in October, which now embed sanctions and stricter onboarding checks.
Nonetheless, the newest tips have prolonged the deadline to April 1, 2026. The extension to April 2026 offers respiratory house however doesn’t soften the menace: come enforcement day, non-geo-locked terminals could also be shut down, and brokers or establishments might incur heavy fines.
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