NewStats: 3,261,299 , 8,173,643 topics. Date: Wednesday, 28 May 2025 at 07:22 PM 17m23

President, Association of Mobile Money and Bank Agents in Nigeria, Victor Olojo, has said the Central Bank of Nigeria is set to clampdown on illegal Point of Sales operators in the country.

SUPERS.ng gathered that Victor Olojo said the apex bank was planning to sanitise the industry, considering its role in driving its cashless policy. He explained that agents operating under umbrellas and hawking PoS services would be the most hit.

He said, “Agents must wake up, there are rules. Agents operating under an umbrella, agents hawking PoS services, all these things would soon be curtailed. The CBN is coming with a sledgehammer very soon on agents operating outside its guidelines.

“Some of these agents are not properly ed; the minimum accepted is a kiosk, an identifiable address.”

He noted that there must be confidentiality regarding cash withdrawals and the agents must ensure their clients can carry out transactions in enclosed spaces.

2023 is expected to witness growth in PoS transactions. According to the CBN’s policy limiting withdrawals for individuals and corporates, “Customers should be encouraged to use alternative channels (Internet banking, mobile banking apps, USSD, cards/PoS, eNaira, etc.) to conduct their banking transactions.”

Commenting on this expected growth, Olojo, said, “For now, the industry is still on an upward growth. We are still growing upwardly, there is still room for a lot of growth.

“It is part of the financial inclusion agenda, everything is in line. We need to have as many agents come into the system until we get to a saturation point. We are not there yet.

“Although, more agents are needed in the rural areas than in the city and urban centers. We still expect more upward growth, because fintechs are still coming up too.”

According to him, the industry was far from a saturation point since there was a government policy promoting it and agents were making profits.

“So yes, the cashless policy is a major factor why we have an increase in the number of agents,” he said.

Olojo explained that even though there were initial fears on an upward review in PoS transaction charges, that was highly unlikely.

He said, “As regards charges, the CBN is currently working out a plan for mobile money and agents to have access to funds. This is to those that are credible, those that are properly ed. The five per cent or three per cent that applies to people that are taking more than is required from the banks may not apply to mobile agents.

“So, there would be no need for an increment in charges. However, if that doesn’t come in in time, obviously the cost will be transferred.”

“It is part of the financial inclusion agenda, everything is in line. We need to have as many agents come into the system until we get to a saturation point. We are not there yet.

“Although, more agents are needed in the rural areas than in the city and urban centers. We still expect more upward growth, because fintechs are still coming up too.”

According to him, the industry was far from a saturation point since there was a government policy promoting it and agents were making profits.

“So yes, the cashless policy is a major factor why we have an increase in the number of agents,” he said.

Olojo explained that even though there were initial fears on an upward review in PoS transaction charges, that was highly unlikely.

He said, “As regards charges, the CBN is currently working out a plan for mobile money and agents to have access to funds. This is to those that are credible, those that are properly ed. The five per cent or three per cent that applies to people that are taking more than is required from the banks may not apply to mobile agents.

“So, there would be no need for an increment in charges. However, if that doesn’t come in in time, obviously the cost will be transferred.”

According to the NIBSS, there are 986,252 ed PoS terminals in Nigeria (this is based on the last time it updated this record, July 2021). The total number of deployed PoS terminals as of January 2023 was 955,234. Although according to Olojo, there are over 1.4 million mobile money and banking agents.

https://punchng.com/cbn-to-clamp-down-on-illegal-pos-operators/?amp

People are no longer interested in using banks ATM. No need to travel long distance to ATM and at the same time get charged for withdrawals when you can comfortably make your withdrawals at any POS next to you. Commercial banks are happy they loosing out on ATM withdrawal charges thus the gang up against POS agents.

I myself don't like using POS, they are becoming too pompous and enviousfor my liking.One close to my home I normally patronize started saying words behind me. they are used to small transaction so when you do something big with them it results to envy so now, If I need 25k per week I get it from the atm directly.

hawking POS? Nigeria is cruise

I said that the first casualty of this new law will be POS operators and FinTech will make a killing from it. My prediction didn't take too long.

Cbn and drama

Which one be illegal pos again,,,una sha wan block where we dey see at all at all chop

Why do people use the terminology "I myself " ?
What is the meaning please? I think it is needlessly redundant.

visaclick:
I myself don't like using POS, they are becoming too pompous and enviousfor my liking.One close to my home I normally patronize started saying words behind me. they are used to small transaction so when you do something big with them it results to envy so now, If I need 25k per week I get it from the atm directly.

Una Well Done

j

Of all problem in this country, clamping down on pos is the next thing

Wicjed

Over due

Beyonce In Dubai To Perform At Atlantis The Royal Opening. She Was Reportedly Paid $24 Million For The Performance.

https://gist.am/q/beyonce-in-dubai-to-perform-at-atlantis-the-royal-opening-she-was-reportedly-pa

As an ant that he claims, How much did Thifnupoo hand over to Fashola as Lagos t
State governor when he left office in 2007.

Let's compare with what other Presidential Candidate.

The 37th government must stay relevant and in the public discuss.

“Some of these agents are not properly ed; the minimum accepted is a kiosk, an identifiable address.”

It make sense.

Bodmum:
hawking POS? Nigeria is cruise

That Hawking ish prove Nigerians can hawk anything!
For Big Parties, Major busstop, Inside traffic, you see people patronizing POS Hawkers.
Are people really that careless about their privacy/security?!

MEGA4BILLION:
People are no longer interested in using banks ATM. No need to travel long distance to ATM and at the same time get charged for withdrawals when you can comfortably make your withdrawals at any POS next to you. Commercial banks are happy they loosing out on ATM withdrawal charges thus the gang up against POS agents.

And who told you banks don't still make money from the 100 Naira you're charged by the POS operators?

Dey play you hear...

Make them start with all of those LOAN APPS first

Like someone said, when the Nigerian government see that people are making 💰 through a particular way, they find a way to block it.

Look at Crypto, skit makers etc.

This government ehn🙄🙄

Double wahala for dead body

Una change currency, new currency not available

Even banks no gree collect new currency

The new currency sef be like fake money

Old currency full ground berekete

Toothless bull dog wey dey shakara for POS operators

Mtchew

Okay

MEGA4BILLION:
People are no longer interested in using banks ATM. No need to travel long distance to ATM and at the same time get charged for withdrawals when you can comfortably make your withdrawals at any POS next to you. Commercial banks are happy they loosing out on ATM withdrawal charges thus the gang up against POS agents.

Omo, these bankers set up POS around the bank and be cashing out.
My former area has 2 big banks and the ATMs are always Out of Service, with POS operators everywhere around the bank.

Why ?

There is no job yet this ppl wants to destroy this small biznes many used to survive

Good. Having a kiosk is for privacy, how would I be withdrawing cash and everybody ing by will see especially if the cash is much because I'd want to count and confirm it's completeness and authenticity.

visaclick:
I myself don't like using POS, they are becoming too pompous and enviousfor my liking.One close to my home I normally patronize started saying words behind me. they are used to small transaction so when you do something big with them it results to envy so now, If I need 25k per week I get it from the atm directly.

But when you need urgent 20k to borrow, you our place. Just dey play.

Ok

Laudable step. Let the CBN clean up that market