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The Central Bank of Nigeria (CBN) has introduced new regulations restricting individuals with outstanding debts and those with blacklisted Bank Verification Numbers (BVNs) from operating as Point of Sale (PoS) agents.
This move aims to strengthen the integrity of Nigeria’s agent banking system and curb financial misconduct.
Under the revised guidelines, individuals with non-performing loans in the past 12 months are deemed ineligible to become PoS agents.
The CBN will verify credit information through licensed credit bureaus to prevent individuals with bad debts from re-entering the sector.
Additionally, individuals listed in the CBN’s “Black Book”, a database of blacklisted individuals due to financial misconduct, are barred from holding employment in any financial institution in Nigeria, including as PoS agents.
These measures are part of the CBN’s broader efforts to tighten oversight in the agent banking sector, which has become crucial for financial inclusion but has also faced challenges related to fraud and risk concentration.
For individuals concerned about their BVN status or potential blacklisting, it’s advisable to check their status through official channels and address any outstanding financial issues promptly to avoid disqualification from operating as PoS agents.