Business

CBN Bans Banks From Operating PoS, Approves 17 Companies as Mobile Money, Operators In Nigeria

Published

3 years ago

March 21, 2023

Due to the recent hiccups experienced by bank customers and their inability to use mobile apps and other digital touchpoints, Nigerians have begun the search for alternatives as fintech firms have taken over the ecosystem and provided better experiences.

These licensed mobile operators have provided relief to many Nigerians at the time of unprecedented transaction failures.

The mobile money operators offer incentives such as zero transfer charges and daily rewards to customers.

Many customers on these platforms are concerned about the legality of the platforms and wonder if they are authorised or licensed to operate in Nigeria.

The worries have prompted the apex bank to draw up a list of authorised operators in the financial ecosystem.

The development comes as the CBN barred bank agents from offering PoS services.

CBN releases guidelines for PoS operations

CBN released the regulatory framework for agent banking operations, which includes several restrictions to mitigate risks in the financial sector.

The guideline was announced in a circular titled Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria, signed by Musa I. Jimoh, the director of the Payments System Management Department.

In the 31-page document, the CBN dedicated Section 8.3 to outline prohibited activities for agents.

Vanguard reports that one of the key restrictions in the guideline is that agents must not use the purchase option on PoS terminals for cash-in and cash-out transactions.

The CBN has also warned agents against transactions where a receipt or acknowledgment cannot be generated. In addition to the abovementioned restrictions, the circular prohibits agents from conducting transactions in foreign currency. Agent banking is a financial inclusion service that aims to extend the reach of retail banking services to all segments of the population, especially residents of rural areas.

The service providers include First Monie, EcoBank Express, UBA Moni, Zenith Mobile Money, and others.

The CBN has observed that the agent banking initiative has led to the proliferation of financial service agents across Nigeria.

Reports say a significant and growing portion of financial transactions is now conducted through agents.

Approved mobile money operators

Abeg Technologies Limited

Chams Mobile Limited

eTranzact International Limited

Fortis Mobile Money Limited

Funds And Electronic Transfer (FETS)

Limited Hedonmark Management Services Limited

Pagatech Limited

Palmpay Limited

Parkway Projects Limited

Teasy International Company Limited

Nanonow Digital Services Limited

VTNetwork Limited

Xpress MTS Limited

Kongapay Technologies Limited

Visual ICT Limited

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

10 hours ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

1 day ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.