The Central Bank of Nigeria (CBN) has introduced new operational guidelines for agent banking, setting a ₦1.2 million daily transaction cap per Point-of-Sale (POS) agent and a ₦100,000 daily limit for individual customers.
The revised framework, signed by the Director of Payments System Management, Musa Jimoh, was released on Monday to enhance oversight, strengthen financial stability, and protect consumers. The new rules take immediate effect, while guidelines on agent location and exclusivity will become enforceable from April 1, 2026.
According to the circular all agent banking activities must now be carried out through dedicated accounts or wallets maintained by the principal financial institution. Using non-designated accounts for such operations will attract regulatory sanctions.
Agents found guilty of fr@ud or misconduct will face penalties, including blacklisting or contract termination. Financial institutions, referred to as “principals,” must also publish and regularly update lists of their registered agents on their websites and within their branches.
To ensure wider coverage, super agents are required to maintain at least 50 sub-agents distributed across Nigeria’s six geopolitical zones. Agents are prohibited from relocating or closing their business premises without prior written approval, and a 30-day notice must be displayed before any move.
All transactions must now be conducted in real time using secure, interoperable payment systems that enable instant settlements and reversals during system failures. Transaction receipts must show the agent’s name and location, while audit and settlement records must be preserved for five years.
The CBN stated that the transaction caps are meant to curb misuse, enhance transparency, and safeguard consumers within the agent banking network.
Financial institutions are now required to submit monthly reports to the CBN—detailing transaction volumes, fr@ud cases, agent activity, and customer complaints no later than the 10th day of the following month.
