#CBN: Avoid #PoS Terminals For Naira Transactions—The Genius Media Nigeria reports that The Central Bank of Nigeria (CBN) has restricted agents from using Point of Sale (PoS) terminals meant for merchants to carry out cash-in and cash-out transactions.
This online newspaper reports that the CBN gave the directive in a circular announcing the Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria.
The apex bank stated that the agent banking initiative has resulted in the proliferation of financial services agents across Nigeria.
The bank said this has resulted in a significant and growing portion of financial transactions being conducted through the agents.
CBN said: “This has necessitated the review of agent banking regulations to streamline activities in agent banking while ensuring that appropriate risk mitigation measures are taken by stakeholders.”
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.”
Arsenal Vs Southampton Live Stream Match has emerged. The Genius Media Nigeria reports that Arsenal…
BREAKING: Heavy Gunfire At Nyesom Wike’s Ward As Rivers State Local Government Election Turns Violent---The…
Wema Bank Launches MOWA-SARA Accelerator Programme-----Through its women-focused proposition, SARA by Wema, Wema Bank, Nigeria’s…
BREAKING: Explosion Rocks Rivers State APC Secretariat As Local Government Poll Commences [PHOTO]---The secretariat of…
Finally, Wizkid’s Father Speaks On Son’s Intense Rivalry With Davido----Chief Muniru Balogun, the father of…
BREAKING: IGP Egbetokun Send Strong Warning To Governor Siminalayi Fubara Over Rivers State Local Govt…