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The Central Bank of Nigeria (CBN) has announced updated regulatory guidelines for agent banking activities, implementing a daily transaction limit of ₦1.2 million for Point-of-Sale (POS) agents and ₦100,000 for individual clients.
The framework, signed by Musa Jimoh, Director of Payments System Management, seeks to enhance oversight, promote financial stability, and improve consumer protection. These regulations are effective immediately, while new requirements concerning agent location and exclusivity will come into effect on April 1, 2026.
According to the announcement, all agent-related transactions must be executed through accounts or wallets designated by the principal financial institution. Utilising non-designated accounts for agent operations will lead to penalties.
Agents found guilty of fraud or professional misconduct will face repercussions such as blacklisting or contract termination.
Additionally, banks and other principal entities are mandated to publish and consistently update lists of their registered agents on their websites and in their branches.
To ensure comprehensive coverage, super agents are required to have a minimum of 50 sub-agents distributed across all six geopolitical zones.
Agents must not move or close their locations without obtaining prior written approval and are obligated to provide a 30-day public notice before making any changes.
All transactions must be processed in real-time through secure, interoperable payment systems that enable immediate settlements and reversals in case of transaction failures.
Receipts are required to include the agent’s name and location, and all transaction records must be retained for a minimum of five years.
The CBN stated that the transaction limits are designed to prevent abuse, enhance transparency, and protect consumers within the agent banking framework.
Financial institutions are now required to file monthly reports—including transaction volumes, fraud incidents, agent behaviours, and customer complaints—to the CBN by the 10th of each month.
