By Aduragbemi Omiyale
The use of merchant point-of-sale (POS) terminals by supermarkets, stores and other small business owners for the deposits and withdrawals of funds has been prohibited by the Central Bank of Nigeria (CBN).
The apex bank, in an Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria, said owners of merchant POS machines are not permitted to carry out cash-in, and cash-out transactions as such functions are for another category of agent banking operators.
In the draft, the bank, while listing a set of prohibited activities for agents, said, “Agents shall not use purchase option PoS Terminals for cash-in and cash-out transactions.”
It also said the agents permitted to accept cash deposits and withdrawals have a limit they must not go beyond.
The CBN emphasised that agents must not “accept deposit or allow withdrawal above an amount which shall be prescribed, from time to time, by the bank,” and must not “charge customers fees outside regulated fees regime.”
The central bank explained that it came up with these rules “in the exercise of the powers conferred on the bank by Section 2 (d) of the Central Bank of Nigeria Act, 2007 and Section 57 (2) of the Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, 2004.”
The guidelines cover the operations of agent banking and the licensing of super agents, provide minimum standards and requirements for the operation of agent banking in the country, as well as the roles and responsibilities of stakeholders involved in agent banking.
Dipo Olowookere 
Modupe Gbadeyanka