*LAGOS* — Tension is brewing in Nigeria’s fast-growing POS business as operators push back against a new regulation from the country’s banking regulator.
Thousands of Point-of-Sale agents across the country are kicking against a policy by the Central Bank of Nigeria that restricts each operator to using only one POS terminal. The agents say the *CBN one-terminal rule* could cripple their businesses and disrupt financial services for millions of Nigerians.
*Union: One Terminal Is Not Enough To Survive*
In a statement signed by the Union’s General Secretary, Salako Kayode, the group stressed that POS agents play a critical role in providing financial services in communities where bank branches and ATMs are scarce.
According to the Union, agents regularly rely on multiple terminals to keep their businesses running smoothly. “For many operators, using several terminals isn’t a luxury — it’s a survival strategy,” the statement said.
The Union explained that different machines help agents work around frequent network failures, maintain reliable service, and meet the needs of customers who use different banks. By forcing operators to rely on just one terminal, the *CBN one-terminal rule* ignores these realities and will ultimately reduce productivity and earnings.
*Informal Sector Says Policy Is Unfair Targeting*
The Union also argued that the policy appears to unfairly target Nigeria’s informal financial sector — a sector it described as the backbone of everyday economic activity.
Instead of restricting small operators, the group said the regulator should focus on strengthening the country’s financial infrastructure and ensuring commercial banks provide stable and accessible services.
“If the CBN truly wants proper regulation, it should simply ensure that every operator is registered with a Bank Verification Number (BVN) and National Identification Number (NIN),” the statement added, noting that such identification measures would make fraud tracking easier.
*Demands: Suspend Rule, Consult Operators First*
The union is now demanding the immediate suspension of the *CBN one-terminal rule*. It also called on the Central Bank of Nigeria to consult directly with POS operators and other informal financial workers before introducing policies that affect their livelihoods.
Beyond that, the group urged regulators to design financial policies that support financial inclusion and job creation rather than undermine small businesses. For context, Nigeria has over 1.8 million POS agents who handle trillions in transactions yearly, especially in rural and underserved areas.
Furthermore, the Union appealed to the public, civil society groups, and labour organisations to oppose the policy. The group warned that operators may mobilise collective action if their concerns are ignored.
*What Happens If Rule Stays*
If the policy stands, agents say customers will face longer queues, failed transactions, and reduced access to cash in areas with poor bank presence. Small businesses that depend on POS agents for daily cash flow could also be hit.
As a result, the Union insists the *CBN one-terminal rule* defeats the regulator’s own financial inclusion goals. As of the time this report was filed, the CBN had yet to respond publicly to the Union’s demands.
