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No more using of PoS Terminals for Transactions -CBN posted by mfoncelebrity on Wednesday, March 15, 2023 Godwin Emefiele Godwin Emefiele Speaks on Reasons for the Ban of PoS Terminal Transactions by Bank Agents By: Mfon Celebrity The Central Bank of Nigeria (CBN) has said, there will be no using of Point of Sale (PoS) terminals for transactions meant for merchants to carry out cash-in and cash-out by bank agents anymore. This was disclosed by Apex Bank while announcing the Exposure Draft of the Regulatory Framework for agent banking in Nigeria. The CBN made the ban on 14 March, 2023, adding that, the agent banking initiative has lead to the increase of financial services agents across Nigeria, resulting in significant and growing portion of financial transaction orchestrated by the agents The Payment System Management Department, Director, Musa Jimoh, who signed the circular stressed that, agents are not permitted to carry out transactions in foreign currency. This lead to the review of banking regulations to streamline activities in agent banking while ensuring that accurate risk mitigation measures are taken by stakeholders. According to the guidelines, Section 8.3 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 transaction e.g agent shall not use the purchase option PoS terminals for cash-in and cash-out transactions." CBN further listed the services prohibited for agent banking thus: 1.Operate or carry out any transaction when there is a communication failure with the Financial institution (FI). 2.Carry out a transaction where a receipt or acknowledgement cannot be generated. 3.Charge customers' fees outside the regulated fees regime. 4.Give any guarantee. 5.Offer banking services on its own accord. 6.Continue with the agency business when it has a proven criminal record involving fraud, dishonesty, or any other financial impropriety. 7.Provide, render, or hold itself out to be providing or rendering any banking service which is not specifically permitted in the contract. 8.Open accounts, grant loans or carry out any appraisal function for purposes of opening an account or granting of a loan or any other facility except as may be permitted by any other written law to which the agent is subject. 9.Undertake cheque deposit and encashment of cheques. 10.Transact in foreign currency. 11.Provide cash advances. 12.Be run or managed by FI’s employee. 13.Sub-contract another entity to carry out agent banking on its behalf except where there is a super-agent structure in place. 14.FI may in the contract document specify other activities, which the agent is prohibited from undertaking. 15.Accept deposit or allow withdrawal above an amount which shall be prescribed from time to time, by the Bank. 16.Use the wrong option for transactions e.g., Agents shall not use purchase option PoS Terminals for cash-in and cash-out transactions. Comments

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