The Central Bank of Nigeria on Monday announced that it has restricted bank agents from using PoS to conduct foreign transaction and accepting deposit.
This measure is to curb the proliferation of financial transactions across the country. Other financial activities the bank agents are restricted from according to Legit are:
Operate or carry out any transaction when there is a communication failure with the Financial institution (FI).
Carry out a transaction where a receipt or acknowledgement cannot be generated.
Charge customers’ fees outside the regulated fees regime.
Give any guarantee.
Offer banking services on its own accord.
Continue with the agency business when it has a proven criminal record involving fraud, dishonesty, or any other financial impropriety.
Provide, render, or hold itself out to be providing or rendering any banking service which is not specifically permitted in the contract.
Open accounts, grant loans or carry out any appraisal function for purposes of opening an account or granting of a loan or any other facility except as may be permitted by any other written law to which the agent is subject.
Undertake cheque deposit and encashment of cheques. Transact in foreign currency.
Provide cash advances. Be run or managed by FI’s employee.
Sub-contract another entity to carry out agent banking on its behalf except where there is a super-agent structure in place.
FI may in the contract document specify other activities, which the agent is prohibited from undertaking.
Accept deposit or allow withdrawal above an amount which shall be prescribed from time to time, by the Bank.
Use the wrong option for transactions e.g., Agents shall not use purchase option PoS Terminals for cash in and cash out transactions
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