CBN Introduces New PoS Rules to Combat Fraud
The Central Bank of Nigeria (CBN) tightened its regulations on electronic transactions, including Point of Sale (PoS) operations, to combat rising cases of fraud, ensure financial system stability, and enhance transparency in digital payments. The new rules aim to improve the security of electronic transactions by imposing stricter oversight on PoS agents and service providers, ensuring that only authorized and registered agents handle such operations. This move is also intended to reduce money laundering, curb illegal financial practices, and ensure compliance with global best practices in financial transactions. By implementing these measures, the CBN seeks to protect consumers while promoting the integrity of the banking system.
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