The Point-of-Sale (POS) Operators and Allied Informal Financial Workers Union of Nigeria (PAFWUN) has reacted to the Central Bank of Nigeria’s (CBN) regulation restricting operators to a single terminal, raising concerns over its implications for operators and service delivery.
The policy, scheduled to take effect from April 1, 2026, applies to POS operators across the country and introduces a limit on the number of terminals that can be used per operator.
The union in a statement signed by Salako Kayode, General Secretary POS Operators and Allied Informal Financial Workers Union of Nigeria, said POS operators play a role in providing financial services in areas where access to conventional banking infrastructure is limited, including cash withdrawals, transfers and other transactions.
Explaining the operational use of multiple terminals among its members, the union said, “For many operators, multiple terminals are not a luxury but a necessity.
“Different terminals are used to navigate network failures, ensure service reliability, and meet the demands of diverse customers. The CBN’s directive ignores these practical realities and instead imposes a blanket restriction that will cripple productivity and reduce incomes.”
Addressing its position on the policy within the broader financial system, the union stated, “We view this regulation as part of a broader pattern of policies that disproportionately target the informal sector, the very backbone of Nigeria’s economy, while failing to address the structural problems within the banking system.”
Stating what it believes should be the focus of the regulator, the union added, “Rather than punishing small operators, the CBN should focus on strengthening financial infrastructure, regulating commercial banks, and ensuring stable and accessible financial services for all.”
On regulatory measures related to identity verification and fraud tracking, the union said, “If the CBN is truly interested in the regulation of operators, no operators without BVN (Bank Verification Number) and NIN (National Identification Number) that alone is enough to track any fraud.”
Presenting its demand on the policy, the union called for “Immediate suspension of the one-terminal restriction policy.”
On engagement with stakeholders before policy implementation, it also demanded “open consultation with POS operators and informal financial workers before implementing any regulation affecting their livelihoods.”
On policy direction, the union further called for: “Development of inclusive policies that support, rather than undermine, financial access and job creation.”
The union further called for public engagement, stating, “We call on the Nigerian public, civil society organizations, and labour movements to reject this unjust policy. We are prepared to mobilize and take collective action to defend our right to work and survive.”
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