Point of Sale (PoS) operators have raised an alarm that the Central Bank of Nigeria’s (CBN) new policy on agent banking could force many small fintech companies out of business and create monopolies.
The operators, under the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), said the rule, which mandates PoS agents to work exclusively with one financial institution or super-agent, will distort competition and expose thousands of small operators to losses.
They argued that by restricting agents from offering multiple services across platforms such as PalmPay, OPay, and Moniepoint, among others, the CBN risks weakening one of Nigeria’s most vibrant informal business sectors that employs millions and drives cashless transactions across the country.