The Central Bank of Nigeria (CBN) has rolled out new operational guidelines for agent banking across the country, placing a N1.2 million cap on daily cumulative transactions per Point-of-Sale (POS) agent.
In a circular signed by the Director of the Payments System Management Department, Musa Jimoh, the apex bank said the new policy aims to strengthen financial stability, enhance inclusion, and protect consumers.
The circular, titled “Guidelines for the Operations of Agent Banking in Nigeria” and referenced PSP/DIR/CON/CWO/001/049, was issued to all deposit money banks, payment service providers, and other financial institutions.
According to the CBN, the guidelines take immediate effect, while provisions on agent location and exclusivity will begin on April 1, 2026.
“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhance service quality, and promote financial inclusion,” the circular read.
Key Points from the New Rules
Under the new framework, all transactions by POS agents must be carried out through dedicated accounts or wallets approved by their parent financial institutions to ensure transparency and better oversight.
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The CBN warned that operating outside these designated accounts amounts to a regulatory offence and will attract sanctions.
Also, POS agents found guilty of fraud or other misconduct will be held personally liable, blacklisted, or have their agreements terminated.
Financial institutions, referred to as “principals,” are now required to publish and regularly update the list of their agents on their official websites and within their branches.
Super agents must operate at least 50 agents spread across Nigeria’s six geopolitical zones to guarantee wider financial access.
No agent is allowed to relocate or shut down business operations without written approval from their principal or super agent. A relocation notice must be displayed at the premises for at least 30 days to notify customers.
Real-Time Transactions and Geo-Fencing
The CBN further directed that all agent transactions must be carried out in real time using secure, interoperable payment infrastructure.
Financial institutions are also required to deploy technology that supports instant settlements and immediate reversals when system failures occur.
Every transaction receipt must display the agent’s name and geographical coordinates, while transaction records must be stored for at least five years for audit purposes.
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Daily Transaction Limits
The new rule pegs the daily cash-out limit per agent at N1.2 million, while individual customers can only transact up to N100,000 daily.
The CBN said these limits are meant to curb misuse of POS operations and protect consumers.
Additionally, POS devices must be geo-fenced — restricted to operate only within registered business locations — to prevent unauthorized mobility.
Monthly Reports and Sanctions
All financial institutions must now submit detailed monthly reports to the CBN, covering transaction volumes, fraud incidents, agent activity, customer complaints, and staff training.
The reports must be submitted no later than the 10th day of the following month.
The apex bank maintained that it reserves the right to demand additional data, conduct on-site inspections, or take direct supervisory control of any agent or institution if necessary.
Institutions that fail to comply risk suspension from onboarding new agents, blacklisting, management removal, or even 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 stated.
The central bank said the new framework reinforces its drive to deepen financial inclusion and strengthen public confidence in Nigeria’s growing digital payment ecosystem.
