The Central Bank of Nigeria (CBN) has directed all deposit money banks and financial institutions to submit monthly reports detailing the activities of their Point-of-Sale (POS) agents across the country.
In a new circular signed by the Director of Payments System Policy, Musa Jimoh, the apex bank said the directive is part of efforts to strengthen supervision, enhance transparency, and curb fraudulent activities within the rapidly expanding agent banking network.
According to the CBN, banks must provide comprehensive data covering transaction volumes, values, and classifications of agents, including incidents of fraud, theft, or operational breaches recorded at agent locations. The reports are also expected to include details of customer complaints, resolutions, and training undertaken by POS operators on compliance and fraud prevention.
The apex bank further instructed that the reports be submitted not later than the 10th day of every month following the reporting period. Each submission, it added, must be endorsed by the bank’s Managing Director and Chief Compliance Officer to ensure accountability and accuracy.
The CBN warned that failure to comply with the new directive would attract regulatory sanctions, stressing that the move aligns with its broader push to ensure transparency and security in Nigeria’s digital payment ecosystem.
The directive comes at a time when POS transactions have surged nationwide, making agent banking a key driver of financial inclusion but also a frequent target for fraud and abuse.
Shopeju Olateju
NaijaTravels News