Business
PoS agents, operators worrying over new CBN policy
Today, there are over 3 million PoS terminals in circulation, and about two million active agents. Many of these agents operate multiple terminals from different service providers to ensure efficiency and customer satisfaction. The new exclusivity rule will destroy that balance.”
The National President of the Association of Mobile Money and Bank Agents of Nigeria, Fasasi Sharafadeen, says that the new policy of the Central Bank of Nigeria on agent banking will likely put 40 percent Point-of-Sale operators out of business.
The CBN released recently a new operational guidelines for agent banking, which pegged the daily cumulative transactions per PoS agent at N1.2 million.
The CBN warned that any agent found using non-designated accounts for operations would be in violation of the regulation and would face sanctions.
Agents involved in misconduct or fraud will be blacklisted or have their agreements terminated.
The framework further limits individual customer transactions to N100,000 daily, while agent devices must be geo-fenced to prevent unauthorised mobile use.
The CBN announced that implementation of the new agent location and exclusivity rules would begin on April 1, 2026.
Reacting, Sharafadeen, said that one of the most worrying aspects of the policy is the introduction of exclusivity, which restricts agents to operate under only one principal or service provider.
He explained that this move would not only reduce the income of PoS agents but also drive many out of business due to the loss of flexibility and customer trust that currently
He emphasised that the introduction of exclusivity, which restricts agents to operate under only one principal or service provider would not only reduce the income of PoS agents but also drive many out of business due to the loss of flexibility and customer trust that currently defines agency banking operations.
“Today, there are over 3 million PoS terminals in circulation, and about two million active agents. Many of these agents operate multiple terminals from different service providers to ensure efficiency and customer satisfaction. The new exclusivity rule will destroy that balance.”
He added that PoS operators usually relied on multiple platforms to ensure steady transactions when one network fails.
“Some agents choose a particular provider because of incentives like free bank transfers, while they use another provider that is faster in withdrawals,” he explained.
This mix guarantees customer experience because even when one service is down, they can still serve their customers through another provider.
”The association president noted that the CBN’s argument for introducing exclusivity to enable easier monitoring and sanctioning of providers in cases of fraud, overlooks the realities of informal sector operations.
Business
Exchange Rates Today Friday, 12 June
Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850
Official CBN Exchange Rates
US Dollar (USD) ₦1,363. 83
Great British Pound (GBP) ₦1,821. 25
EURO (EUR) ₦1,572. 90
SWISS FRANC (CHF) ₦1,706. 49
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦201.20
West African CFA (XOF) ₦2.40
West African Unit Account (WAUA) ₦1,857. 45
SAUDI RIYAL (SAR) ₦363. 29
SOUTH AFRICAN RAND (ZAR) ₦82.61
Black Market Rates
US Dollar (USD) Buy ₦1,397 Sell ₦1,405
Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1,587 Sell ₦1, 607
Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 380 Sell ₦2, 460
Central African CFA Buy ₦2, 220 Sell 2,300
Australian Dollar Buy ₦800 Sell ₦900
Business
Airtel launches data calculator to counter depletion complaints
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.
The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.
Business
Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.
The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.
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