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CBN bank issues fresh agent banking guidelines to tighten regulation.
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Financial institutions ordered to submit monthly reports to CBN.
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New circular takes effect immediately, full compliance due by April 2026.
The Central Bank of Nigeria (CBN) has announced new regulations for Point-of-Sale (POS) agents across the country, pegging the maximum daily cumulative transaction limit at N1.2 million per agent.
The policy, released under the circular (PSP/DIR/CON/CWO/001/049) and signed by Musa Jimoh, Director of the Payments System Management Department, takes effect immediately. Provisions on agent location and exclusivity are, however, to be enforced fully from April 1, 2026.
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According to the CBN, the revised framework seeks to strengthen financial stability, promote financial inclusion, and enhance consumer protection within Nigeria’s expanding agent banking ecosystem.
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The circular, addressed to all deposit money banks, financial institutions, and payment service providers, mandates monthly reporting of agent banking activities to improve transparency and oversight.
Under the new rules, all agent transactions must be executed via a dedicated account or wallet maintained by each principal financial institution. Using non-designated accounts for POS operations will attract regulatory sanctions.
In addition, agents found guilty of fraud, misconduct, or non-compliance may face blacklisting, contract termination, or industry watchlisting. Financial institutions are required to publish updated lists of their approved agents and display them within all branches.
Super agents must now maintain at least 50 agents distributed across Nigeria’s six geopolitical zones to widen service access in underserved areas. Any agent wishing to relocate or close a business outlet must obtain prior written approval from its principal, with a mandatory 30-day public notice at the business premises.
The CBN also directed that all agent banking transactions be conducted in real time using secure, interoperable payment infrastructure, with instant settlements and reversals in cases of system failure.
The new rules further set individual customer limits at N100,000 per day, as part of efforts to reduce misuse and reinforce transaction integrity.
Institutions that breach these guidelines risk administrative penalties, licence suspension, or removal of management officials. The apex bank warned that it may invoke direct supervisory powers or conduct inspections at any time.
According to the statement, the CBN said the new regulatory framework underscores its resolve to deepen financial inclusion, enhance oversight, and build public confidence in Nigeria’s fast-growing digital financial sector.
