Just days ago, the Central Bank of Nigeria (CBN) announced a sweeping crackdown on POS agents, limiting how they operate, where they can work, and how much they can move daily. The rules shook the streets, as millions of Nigerians rely on POS for daily transactions.
Now, the CBN has turned its focus to ATMs. It’s mandating instant refunds for failed withdrawals and issuing strict guidelines to overhaul the entire cash-dispensing system.
Two announcements. One clear message: The era of unregulated, unreliable cash access in Nigeria is ending.
If you’ve ever stood in front of an ATM in Nigeria, watching your account get debited without cash dropping out, you know the frustration. That sinking feeling, the disbelief. Then comes the waiting game. Calls to your bank. Emails with zero response. Maybe you even gave up.
Now, the Central Bank of Nigeria (CBN) is stepping in hard.
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This month, the CBN released sweeping new rules that could end one of Nigeria’s most common banking headaches: failed ATM transactions. If it works, your money could be returned in minutes, not days.
Under the draft regulation, banks will be forced to automatically refund customers for failed ATM transactions, without you needing to complain.
If it’s your bank’s own ATM, the money must be reversed instantly. If it’s another bank’s ATM, you’ll get it back in 48 hours or less.
No more chasing. No more “come back next week.”
It’s a bold move, one aimed at restoring faith in Nigeria’s digital payment system, especially in cities where cash still rules, and trust in banks is paper-thin.
Meanwhile across Nigeria, more than 1.9 million POS terminals are active. For many people, they’re more accessible than ATMs. But with that convenience has come chaos: roaming terminals, cloned cards, suspicious agents, and fraud hiding in plain sight.
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So the CBN has tightened the leash. Every PoS terminal will now need to be geo-tagged.
That means any Agent POS can only work within 10 metres of its registered location. If an agent moves it to a different street, or state, it simply won’t work.
It’s the banking equivalent of putting ankle monitors on every device.
Here’s What’s Really Going On. CBN isn’t just fixing transactions, it’s trying to rebuild public trust in the entire cash system.
It knows that when you’re in Ojuelegba in Lagos or Nyanya in Abuja and need ₦10,000 cash now, you’re not thinking about policy. You’re thinking about whether the ATM works, or if the PoS guy is legit.
Under these new rules. It seems banks must take the blame for failed machines. POS networks must stop acting like the wild west. And customers like you will finally get to stop chasing refunds or worrying about cloned terminals
The draft policy is out for feedback until October 31, 2025. After that, it becomes law. Banks and fintechs are already scrambling to comply.
So are the agents, many of whom now face new caps (₦1.2 million daily limit), strict licensing, and real-time tracking.
Whether you’re in Yaba, Kano, or Wuse, expect change, not just on paper, but on the ground. Some POS operators may shut down. Others will get smarter, more secure. ATMs may suddenly work better than they ever have.
The Real Question Is This;Will It Stick?
We’ve seen policy promises before. But this time, the stakes feel higher. If you’ve ever lost time or money because of a failed ATM or shady POS, this one’s for you