Nigeria, Oct. 7 -- The Central Bank of Nigeria (CBN) has increased oversight of agent banking, requiring geo-tagging of all Point of Sale (PoS) terminals across the country.

Under the new guidelines, any operator who does not comply would be penalized at least N5 million and would be subject to an extra daily charge of N300,000 until compliance is reached.



Announced through a circular dated October 6, 2025, and signed by Musa I. Jimoh, Director of Payments System Policy, the new rule aims to improve openness and responsibility inside Nigeria's expanding agent banking environment. The decision follows the country's millions of deployed PoS terminals as the industry grows swiftly.



New Guideline specifics;



Although the circular ...