The Central Bank of Nigeria has introduced new operational guidelines for agent banking across the country, capping daily cumulative transactions per agent at N1.2 million.
The revised framework, released on Monday, also mandates all financial institutions to submit monthly reports on the activities of their Point-of-Sale agents to enhance oversight and service quality.
The Circular (PSP/DIR/CON/CWO/001/049), signed by the Director of the Payments System Management Department, Musa Jimoh, aims to strengthen financial stability, promote inclusion, and protect consumers.
The circular, addressed to all deposit money banks, other financial institutions, and payment service providers, takes immediate effect, while provisions on agent location and exclusivity will become effective from April 1, 2026.
It read, “The Central Bank of Nigeria, in furtherance of its mandate for the stability of the financial system and pursuant to its role in deepening the financial system, hereby issues the Guidelines for the Operations of Agent Banking in Nigeria.
“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in Agent Banking operations.
“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be with effect from April 1, 2026.
“All stakeholders are required to ensure strict compliance with the Guidelines and all other regulations, as the CBN continues to monitor developments and issue guidance as may be appropriate.”
Under the new rules, all agent banking transactions must be conducted through a dedicated account or wallet maintained by the principal financial institution to ensure transparency and better oversight.
The CBN warned that using non-designated accounts for agent operations would constitute a regulatory violation and attract sanctions.
Agents found guilty of misconduct, fraud, or related offences will be held personally liable and may be placed on industry watchlists or have their agreements terminated.
Financial institutions, referred to as “principals”, are now required to publish and regularly update the list of all their agents on their official websites and display them within their branches.
Super agents must have at least 50 agents distributed across the six geopolitical zones to ensure wider coverage and access to financial services in underserved areas.
The guidelines also stipulate that no agent can relocate, transfer, or close its banking premises without prior written approval from its principal or super agent.
A relocation notice must be displayed prominently at the business premises for at least 30 days to notify customers.
All agent transactions must now be conducted in real time using a secure, interoperable payment infrastructure.
Financial institutions are mandated to deploy technologies that enable instant settlements and immediate reversals in the event of system failure.
Transaction receipts must include the agent’s name and geographical coordinates, while audit trails and settlement records are to be preserved for at least five years to support regulatory oversight.
The new framework pegs the daily cumulative cash-out limit at N1.2m per agent, although the apex bank reserved the right to review the limit in line with the CBN Guide to Charges for Banks and Other Financial Institutions.
“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.
“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.
Additionally, all devices deployed for agent banking must be geo-fenced or tagged to operate strictly within the registered location to prevent unauthorised mobile use.
Financial institutions are required to submit monthly returns to the CBN, detailing transaction volumes and values, incidents of fraud, the number of active agents, customer complaints, and training conducted, among other indicators.
“The monthly reports must include comprehensive data on the nature, value, and volume of transactions conducted by agents. Submissions are to be made no later than the 10th day of the following month,” it added.
The apex bank warned that it reserves the right to demand additional information, carry out inspections, or exercise direct supervisory powers over any agent or financial institution at any time.
Institutions that violate the guidelines risk administrative sanctions, suspension from onboarding new agents, blacklisting, removal of management officials, or licence revocation.
“The CBN may, in the event of a breach, invoke any or all sanctions against any defaulting participant in the agent banking system,” the circular read.
The apex bank said the new framework underscores its commitment to deepening financial inclusion, strengthening agent banking oversight, and building public confidence in Nigeria’s growing financial services ecosystem.
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