Bisi stood at her PoS stand in Lagos, unaware that a new CBN policy on geo-tagging might soon change how she and millions of Nigerians access cash.
In the busy streets of Lagos, Bisi, a small shop owner, depends on her neighborhood PoS agent for almost everything.
She pays her suppliers through the machine, withdraws cash to buy goods, and even sends money to her relatives in another state.
For Bisi, and millions of Nigerians like her, PoS services are more than just technology. They are part of daily survival.
But a new policy from the Central Bank of Nigeria (CBN) has raised fear and confusion.
The bank announced that it wants to introduce geo-tapping for all Point of Sales (PoS) terminals in the country. This means every PoS operator will be tracked to a fixed location.
On the surface, it looks like a good way to monitor financial activities.
Yet, many worry it could cause serious problems if rushed.
A Warning From PoS Agents
The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has been very vocal about the risks.
Their national president, Mr. Fasasi Sarafadeen, reminded everyone how much PoS operators contribute to the economy.
In 2023 alone, they handled over 1.5 billion transactions worth ₦10.7 trillion.
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According to him, these agents are the lifeline of Nigeria’s cashless economy, especially in rural and semi-urban communities where banks are scarce.
Sarafadeen’s warning was sharp. “We are not against regulation,” he said.
“But policies must be implemented in a way that strengthens the system, not one that creates confusion or repeats the hardship Nigerians endured during the cash redesign policy.”
His words pointed back to the painful memory of 2023, when the naira redesign left millions stranded without cash for weeks.
Industry experts share similar concerns.
They fear that a rushed rollout may block genuine agents, confuse customers, and even create loopholes for fraudsters.
Instead, they advise the CBN to take gradual steps—training agents, testing the system, and keeping the public well informed.
The Fear Of Another Crisis
For small businesses, the stakes are high.
A BusinessDay report explained that many traders depend solely on PoS agents for daily transactions.
If services are disrupted, they may lose customers, suffer financial setbacks, and even close their shops.
For people like Bisi, a breakdown in PoS services would mean more than inconvenience—it would be a direct threat to her livelihood.
Now, Nigerians wait anxiously to see what the CBN will do.
Will the policymakers introduce the policy carefully and include the voices of stakeholders?
Or will history repeat itself, bringing another wave of financial hardship? The answer will shape the future of everyday transactions in the country.
