The Central Bank of Nigeria (CBN) has tightened regulation on agent banking by mandating geo-tagging (or geo-fencing) of Point of Sale (PoS) terminals and introducing a minimum penalty of N5 million, with an additional N300,000 per day for ongoing non-compliance.
The regulator also extended the enforcement deadline for location and exclusivity rules until April 1, 2026, giving industry players more lead time to comply.
In a circular (PSP/DIR/CON/CWO/001/049) released October 6, 2025, and signed by Musa I. Jimoh, Director of Payments System Policy, the CBN introduced fresh compliance measures to reflect the growing sophistication of the PoS ecosystem and Nigeria’s push for deeper financial inclusion.