The Central Bank of Nigeria (CBN) has unveiled new operational guidelines for agent banking, introducing tighter regulations on transaction limits, reporting requirements, and consumer protection measures.
Under the revised framework released on Monday, the apex bank capped daily cumulative transactions per agent at ₦1.2 million, in a move designed to enhance transparency, reduce fraud, and strengthen oversight of the fast-growing agent banking ecosystem.
The circular, PSP/DIR/CON/CWO/001/049, was signed by Musa Jimoh, Director of the Payments System Management Department, and addressed to all deposit money banks, other financial institutions, and payment service providers.
According to the CBN, the new framework “aims 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.”
The apex bank said the circular takes effect immediately, while provisions related to agent location and exclusivity will come into force on 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,” it added.
The new rules also mandate that all agent banking transactions must be conducted through a dedicated account or wallet maintained by the principal financial institution. Any use of non-designated accounts for agent operations, the CBN warned, would constitute a regulatory violation and attract sanctions.
Agents found guilty of misconduct, fraud, or related offences will be held personally liable and may face blacklisting or termination of their agreements.
In addition, all financial institutions — referred to as “principals” — must now publish and update lists of their agents on their official websites and display them within their physical branches.
Super agents are required to operate at least 50 agents across Nigeria’s six geopolitical zones to ensure wider service coverage, particularly in underserved areas.
The guidelines further stipulate that no agent may relocate, transfer, or close its business premises without prior written approval from its principal or super agent. A 30-day relocation notice must also be displayed prominently for customers.
All agent transactions must now be carried out in real time using secure and interoperable payment systems. Banks and payment providers must deploy technologies that support instant settlements and immediate reversals in cases of system failure.
Transaction receipts will include the agent’s name and geographical coordinates, while audit trails and settlement data must be preserved for at least five years.
To improve financial monitoring, the CBN pegged the daily cumulative cash-out limit at ₦1.2 million per agent, while individual customers are restricted to ₦100,000 per day.
“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,” the circular stated.
The guidelines also require all agent banking devices to be geo-fenced — allowing operations only within registered business locations to prevent unauthorised movement or misuse.
Financial institutions are expected to submit monthly reports to the CBN detailing transaction volumes, fraud incidents, customer complaints, training sessions, and the number of active agents.
“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,” the apex bank said.
Violations of the new framework could attract severe sanctions, including licence suspension, blacklisting, removal of management officials, or outright revocation.
The CBN emphasised that the reforms reaffirm its commitment to deepening financial inclusion, strengthening regulatory oversight, and building public trust in Nigeria’s expanding digital financial ecosystem.
