CBN Approves Only 17 Companies As POS Operators In Nigeria, Bars Commercial Banks

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The Central Bank of Nigeria has released the names of licensed mobile money operators in Nigeria.
The mobile money operators are empowered to operate PoS Services in the country.
In a recent guideline issued by CBN, the bank barred commercial banks from running PoS services in the country.
Due to the recent hiccups experienced by bank customers and their inability to use mobile apps and other digital touchpoints, Nigerians have begun the search for alternatives as fintech firms have taken over the ecosystem and provided better experiences.

These licensed mobile operators have provided relief to many Nigerians at the time of unprecedented transaction failures.
The mobile money operators offer incentives such as zero transfer charges and daily rewards to customers.

The guideline was announced in a circular titled Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria, signed by Musa I. Jimoh, the director of the Payments System Management Department. In the 31-page document, the CBN dedicated Section 8.3 to outline prohibited activities for agents. Vanguard reports that one of the key restrictions in the guideline is that agents must not use the purchase option on PoS terminals for cash-in and cash-out transactions.
CBN has also warned agents against transactions where a receipt or acknowledgment cannot be generated. In addition to the abovementioned restrictions, the circular prohibits agents from conducting transactions in foreign currency. Agent banking is a financial inclusion service that aims to extend the reach of retail banking services to all segments of the population, especially residents of rural areas.

The service providers include First Monie, EcoBank Express, UBA Moni, Zenith Mobile Money, and others.

The CBN has observed that the agent banking initiative has led to the proliferation of financial service agents across Nigeria. Reports say a significant and growing portion of financial.
Approved mobile money operators Abeg Technologies Limited, Chams Mobile Limited, eTranzact International Limited, Fortis Mobile Money Limited Funds And Electronic Transfer (FETS) Limited Hedonmark Management Services Limited Pagatech Limited Palmpay Limited.
Also are Palmpay Limited, Parkway Projects Limited, Teasy International Company Limited, Nanonow Digital Services Limited, VTNetwork Limited, Xpress MTS Limited, Kongapay Technologies Limited, Visual ICT Limited.















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