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New CBN guidelines disqualify individuals with unpaid debts, blacklisted BVNs, or financial misconduct from becoming PoS agents.
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Only financially stable and trustworthy operators will be eligible to handle agent banking transactions.
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Revised rules tighten oversight and aim to restore integrity to Nigeria’s fast-growing PoS industry.
The Central Bank of Nigeria (CBN) has barred debtors, individuals with watch-listed Bank Verification Numbers (BVNs), and persons with a record of financial misconduct from operating as Point of Sale (PoS) agents in the country.
The directive is contained in the Revised Guidelines for the Operations of Agent Banking in Nigeria, issued on October 6, 2025, as part of efforts to sanitise the sector and strengthen financial system integrity.
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According to the apex bank, the new restrictions are designed to enhance due diligence, prevent fraud, and ensure that only credible individuals participate in agent banking operations.
The guidelines state that anyone or entity with a non-performing loan within the last 12 months is ineligible to serve as an agent. The CBN noted that this will be verified through licensed credit bureaus, thereby closing previous loopholes that enabled individuals with bad credit histories to re-enter the system.
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Similarly, persons whose BVNs are watch-listed or who have been blacklisted for financial misconduct are automatically disqualified. Convicted fraudsters, felons, or those found guilty of dishonesty-related crimes will also be excluded from operating as PoS agents.
In a move to further promote accountability, the new rules prohibit bankrupt individuals or insolvent companies from participating in agent banking. The CBN emphasised that the purpose is to ensure only financially sound and trustworthy operators engage in customer-facing financial transactions.
Prospective agents must meet minimum eligibility standards, including proving capability to handle deposits, withdrawals, bill payments, and other CBN-approved activities. Applicants must also provide verifiable business addresses, sources of funds, and all mandatory documentation.
Under the revised policy, principal institutions such as banks, super agents, and licensed payment service providers are mandated to carry out comprehensive background checks on all intending agents before approval.
The process includes credit verification, criminal background screening, and ensuring compliance with all CBN regulatory requirements.
The apex bank reiterated that the principal institutions bear full responsibility for the activities of their appointed agents.
