The Central Bank of Nigeria (CBN) has insisted that agent banking services, including Point of Sale (PoS) agents, remain at ₦1.2 million and customer deposits, withdrawals, and bill payments at ₦100,000 a piece.
It further restricts customers’ deposits and withdrawals to ₦500,000 weekly and bill payments to ₦100,000 weekly.
CBN issued the revised guidelines on Monday, October 6, directing financial institutions to ensure compliance with the agents.
“The Principal to the Agent shall ensure that each agent’s daily cumulative cash-out limit does not exceed ₦1,200,000.00.
“The CBN may vary or amend the transaction limits specified from time to time for each service in line with the extant CBN Guide to Charges for Banks and Other Financial Institutions in Nigeria.
“Any device deployed to an agent or utilised by an agent in carrying on agent banking services shall be geo-fenced or tagged to operate within the agreed registered agent premises or location,” CBN stated.
It said any device used by agents must be geo-fenced to operate strictly within registered locations, preventing mobile or unauthorised use elsewhere.
Pinnacle Daily reports that CBN had, in December 2024, restricted the daily and weekly deposits and withdrawals by agents and customers in line with the reviewed guidelines.
Aims to protect consumers, promote financial inclusion
In a circular that accompanied the guidelines signed by its Director of Payments System Policy Department, Musa Jimoh, on Monday, CBN said the guidelines take immediate effect.
READ ALSO: NUPRC Targets 2.5 mbopd Oil Production in 2027 as Rig Count Surges by 762%
It noted that the provisions on agent location and agent exclusivity will come into effect on April 1, 2026.
The circular was addressed to all deposit money banks, other financial institutions (OFIs), and payment service providers.
It is designed to enhance service quality, protect consumers, promote financial inclusion, and ensure the stability of the financial system.
“The guidelines aim 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,” Jimoh said.
Directing all the financial institutions to ensure strict compliance, CBN warned that it would “continue to monitor developments and issue further guidance as may be appropriate.”
Pinnacle Daily reports that agent banking is the provision of financial services to customers by a third party (agent) on behalf of a licensed deposit-taking financial institution or mobile money operator.
Transactions to be conducted through dedicated wallets
Under the new framework, all agent banking transactions must be conducted through a dedicated account or wallet maintained by the principal financial institution for better oversight and transparency.
The guidelines prohibit the use of non-designated accounts for agent operations, warning that such practices would constitute a violation and attract sanctions, CBN stated.
READ ALSO: Tax Committee Unveils ₦10m Award for Journalists, Influencers
It said agents found in breach would be personally liable for misconduct, fraud, or related offences and could face termination of their agreements or be placed on industry watchlists.
It said financial institutions, referred to as principals, must publish and regularly update the list of all their agents on their official websites.
Each branch of a principal is also required to display the list of its agents within its locality.
“Super agents must have at least 50 or more agents spread across Nigeria’s six geopolitical zones, ensuring broader coverage and access to financial services in underserved areas,” CBN stated.
A super-agent is an agent that has been contracted by a financial institution and may thereafter subcontract other agents in a network while retaining overall responsibility for the agency relationship.
The guidelines also stipulate that no agent can relocate, transfer, or close its banking premises without prior written approval from its principal or super agent.
It urged that any relocation notice must be visibly “posted at the business premises for at least 30 days to notify customers”.
Urges deployment of technology to ensure real-time transactions
The CBN required that all agent transactions be carried out on a real-time basis using a secure and interoperable payment infrastructure.
It said financial institutions must deploy technologies that ensure instant payment settlements and immediate transaction reversals in cases of system failure.
“Generate receipts or acknowledgements for successful transactions. Automatically prevent an agent from exceeding the daily limit allowed or performing unauthorised transactions.
“Automatic rejections of suspicious transactions; transaction receipts must include the agent’s name and geographic coordinates, while audit trails and settlement records must be preserved for a minimum of five years to support control and regulatory oversight,” CBN stated.
Calls on financial institutions to submit monthly returns
In the guidelines, it further directed the financial institutions to submit monthly returns to the CBN, not later than the 10th of every month, detailing transaction volumes and values, incidents of fraud, number of active agents, customer complaints, and details of agent training, among others.
READ ALSO: CBN Sets Oct 31 Deadline for Payment Companies to Adopt ISO 20022
CBN said it reserves the right to request additional information, conduct inspections, or exercise direct supervisory powers over agents at any time.
Defaulting participants to face sanctions, blacklisting
Financial institutions that breach the guidelines face administrative and regulatory sanctions, including suspension from onboarding new agents, blacklisting, removal of management officials, or revocation of licences, it said.
It may even blacklist any principal or super agent whose agents persistently violate regulations.
“The CBN may, in the event of a breach, invoke any or all sanctions against any defaulting participant in the agent banking system,” it said.
CBN added that the new framework is part of ongoing efforts to strengthen agent banking oversight, safeguard customers, and build trust in Nigeria’s rapidly expanding financial services ecosystem.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
