The Organised Private Sector (OPS) on Wednesday expressed strong opposition to the Central Bank of Nigeria’s (CBN) decision to impose limits on withdrawals from Point-of-Sale (PoS) agents, claiming the bank is out of touch with the reality on the ground.…
The Central Bank of Nigeria has set a daily transaction limit of N1.2 million for Point of Sale agents. Additionally, the bank introduced a cap of N100,000 per customer for cash-out transactions at PoS terminals. These measures are likely aimed…
The Central Bank of Nigeria has introduced a policy to advance its cashless economy initiative, capping daily cash-out transactions conducted by Point of Sale agents at N100,000 per customer. This directive, issued on December 17, 2024, was signed by Oladimeji…
The number of Point of Sales (PoS) machines deployed by merchants and individuals across Nigeria rose to 3.04 million in July this year. The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this in its latest electronic payment data. This represents a…
The value of Point of Sale transactions in Nigeria totalled N6.23 trillion between January and July 2024, according to data from the Nigeria Inter-Bank Settlement System. This was a 7.4 percent decline compared to the N6.79 trillion recorded in the…
By Matthew Denis The Central Bank of Nigeria (CBN) has announced new directives for Payment Service Providers (PSPs). Effective immediately, all transactions conducted through Point of Sale (PoS) terminals—whether at physical or electronic locations—must be routed through a CBN-approved Payment…
By Matthew Denis The Central Bank of Nigeria (CBN) has announced new directives for Payment Service Providers (PSPs). Effective immediately, all transactions conducted through Point of Sale (PoS) terminals—whether at physical or electronic locations—must be routed through a CBN-approved Payment…
The prevalence of fraud and forgery in Nigeria’s payment system has shown a significant shift in the first quarter of 2024, with Point-of-Sale (POS) transactions experiencing the highest increase in fraudulent activities. According to the Fraud and Forgeries Report in…
Point-of-Sale (POS) transaction values witnessed a downturn in Nigeria for the first quarter of 2024, registering a N225.73 billion drop when compared to the corresponding quarter of the previous year. This significant decline marks a 7.94 percent fall in the…
When the Central Bank of Nigeria (CBN) introduced the Point Of Sales(POS) in 2013 in Nigeria, though there was initial skepticism by the citizens of the efficacy of the device, people later embraced it after a series of sensitisations. People did…
