Point-of-Sale (PoS) operators across Nigeria are raising concerns over the Central Bank of Nigeria’s (CBN) latest regulations for agent banking. They warn that this new policy could threaten small fintech companies and jeopardize millions of livelihoods.

The CBN’s new directive prohibits PoS agents from working with multiple financial platforms. This means that agents currently collaborating with providers such as Moniepoint, OPay, and PalmPay must choose only one platform to operate under. According to operators, this rule will severely limit business flexibility, stifle competition, and enhance the dominance of a few large players in the market.

The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has labeled this move as “anti-competitive” and “dangerous” for one of Nigeria’s rapidly growing sectors. The association warns that the CBN’s policy could force thousands of agents to abandon smaller fintechs, which may struggle to survive without their networks.

Nigeria currently has over 1.9 million registered PoS agents, many of whom rely on multiple platforms to sustain their businesses. Operators argue that the ability to switch between networks during downtime is crucial for serving customers efficiently. By removing this flexibility, they contend that many agents will be driven out of business, reducing access to financial services, especially in rural areas.

The new framework also introduces stricter branding rules. Agents are now required to operate exclusively from kiosks branded by their chosen institution and are discouraged from running other small businesses from the same location. Many PoS agents claim this is impractical, as they often rely on petty trading to meet daily expenses and repay loans.

According to the guidelines signed by the CBN’s Director of Payments System Policy, all agent transactions must now be processed through a dedicated account or wallet controlled by the principal institution. Agents using unauthorized accounts face the risk of suspension or blacklisting. The rules also establish a daily transaction limit of ₦100,000 per customer and require PoS terminals to be geo-fenced within a 10-meter radius of their registered address.

The Central Bank has set April 1, 2026, as the enforcement date for this new policy. The apex bank claims this move is part of broader efforts to sanitize Nigeria’s payment system and enhance transparency. However, industry stakeholders argue that the CBN did not consult adequately with field operators before implementing these regulations.

Analysts caution that if enforced without revisions, the regulation could destabilize Nigeria’s growing PoS ecosystem, which has become a crucial component of the cashless economy. For millions of small business owners and agents who depend on these platforms, the new rule could determine their survival or lead to their shutdown.