Nigeria TV Info CBN Unveils Tough New Rules to Limit OPay, Moniepoint as Battle for PoS Market Intensifies

The Central Bank of Nigeria (CBN) has introduced stricter regulations for Point-of-Sale (PoS) operators and agent banking services, a move expected to significantly reshape competition among leading fintech firms such as OPay, Moniepoint, PalmPay and other payment service providers. The new framework is aimed at strengthening oversight, reducing fraud, improving compliance, and enhancing the integrity of Nigeria’s fast-growing digital payments ecosystem.

A key provision of the new rules requires PoS agents to operate exclusively under a single financial institution or principal. This means agents currently using terminals from multiple providers will be required to choose only one platform, ending the widespread practice of operating several fintech terminals simultaneously. Industry analysts say the policy could alter market dynamics and intensify competition among major operators seeking to retain agent networks.

The CBN has also reinforced transaction monitoring requirements, demanding greater accountability from agent banking operators. Agents must maintain dedicated accounts for their operations, keep detailed transaction records, and promptly report suspicious activities. Financial institutions will be required to strengthen supervision of their agent networks and submit regular compliance reports to regulators.

In addition, the apex bank continues to push the implementation of terminal geo-tagging and geo-fencing measures, designed to track the exact locations where PoS devices operate. Authorities believe the initiative will help curb fraud, improve transparency, and prevent the misuse of payment terminals outside approved locations. Recent adjustments extended the compliance deadline while expanding the permitted operating radius for terminals.

Stakeholders say the tougher regulations may create challenges for smaller operators but could ultimately strengthen consumer protection and financial system stability. With PoS transactions now accounting for trillions of naira annually, the CBN says tighter controls are necessary to support financial inclusion while safeguarding the payment ecosystem from abuse and money laundering risks.