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Tag: PoS agents

CBN restricts daily limit of POS transactions to N100,000
Banking

CBN’s new PoS policy may kick us out of business – Agents

A new policy from the Central Bank of Nigeria on agent banking is projected to push about 40 per cent of Point-of-Sale operators out of business, according to the national body representing them. The National President of the Association of Mobile Money and Bank Agents of Nigeria, Fasasi Sharafadeen, told Sunday PUNCH that the recently […]

POS transactions reduce by N226bn as currency circulation increases
Policy and Regulations

CBN caps POS agent daily transaction limit at ₦1.2m

The Central Bank of Nigeria has introduced new operational guidelines for agent banking, setting a ₦1.2 million daily transaction cap per Point-of-Sale agent and a ₦100,000 daily limit for individual customers. The revised framework, signed by the Director of Payments System Management, Musa Jimoh, was released on Monday to enhance oversight, strengthen financial stability, and […]

Loan apps: FCCPC to address rising debt with new policy
News

FCCPC to crack down on trade groups over fixed prices

The Federal Competition and Consumer Protection Commission announced on Tuesday that it would soon start enforcing legislation across the country to stop trade associations from participating in price-fixing and cartel-like behaviour. The Commission claimed that this action would begin with the group of PoS agents, who recently announced an increase in transaction fees. This was revealed by the executive […]

AMMBAN blames inflation for new PoS charges
News

AMMBAN blames inflation for new PoS charges

The Association of Mobile Money and Bank Agents in Nigeria, has cited the impact of rising inflation costs on agents AMMBAN claimed that the ‘cost to serve’ was the rationale for raising PoS transaction prices. This was confirmed on Wednesday in a press statement made in response to criticism of the increase in PoS transaction prices. […]

FG moves to sanction PoS agents over price fixing
News

FG moves to sanction PoS agents over price fixing

        The Federal Competition and Consumer Protection Commission is currently investigating alleged price fixing attempts by Point of Sales agents and will impose sanctions upon those found guilty. The transaction charges of PoS agents in Nigeria, Lagos Chapter are set to increase, as announced by the Association of Mobile Money and Bank […]

How to report PoS agents with high charges - CBN
Business

How to report PoS agents with high charges – CBN

The Central Bank of Nigeria has made emergency phone numbers available to the general public so that they can report dishonest Point of Sales operators who are selling new naira notes and those who are charging excessive withdrawal fees. This was announced by the Director of the CBN Governor’s Department, Joseph Omayuku, during a press […]

News

PoS operators won’t increase service charge – AMMBAN

The Association of Mobile Money and Bank Agents in Nigeria have said they have no plans to increase their service charges.Speculations have gone round following the Central Bank of Nigeria’s decision to review cash withdrawal limits for Automated Teller Machines and over-the-counter withdrawals, that Point of Sale operators might have to increase their charges to […]

News

1.4m POS agents generated N6tr in 2022 – CBN

The Central Bank of Nigeria has disclosed that 1.4 million agents generated N6 trillion in transactions, up from N48 billion in 2012. This was stated by the Deputy Governor for Financial System Stability, of the CBN, Aisha Ahmed, who represented CBN Governor, Godwin Emefiele at the National Assembly on Thursday. She stated that there were […]

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