Central Bank of Nigeria (CBN) has introduced a new regulatory framework to govern agent banking operations across the country, setting a daily transaction ceiling of ₦1.2 million per agent.
Gatekeepers News reports that the policy, detailed in a circular issued by Musa Jimoh, Director of the Payments System Policy Department, takes immediate effect. However, specific provisions regarding agent locations and exclusivity will come into force on April 1, 2026.
According to the apex bank, the updated rules aim to promote financial inclusion, enhance service delivery, protect consumers, and maintain the stability of Nigeria’s financial system.
The guidelines apply to all deposit money banks, other financial institutions (OFIs), and payment service providers operating within the country.
Under the framework, all agent banking transactions must be executed through dedicated accounts or wallets maintained by the principal financial institutions. The use of non-designated accounts has been banned, with violators facing sanctions and potential blacklisting.
Agents are now held personally liable for fraud or misconduct and could have their contracts terminated if found in breach of the new standards. Principals (banks or licensed operators) are also mandated to publish and regularly update their list of authorised agents on official websites and display them visibly at local branches.
Super agents, institutions managing networks of smaller agents, must now operate at least 50 outlets distributed across Nigeria’s six geopolitical zones to promote equitable access to financial services in rural and underserved areas.
Additionally, agents are prohibited from relocating or closing their business premises without written approval from their principals. Any planned relocation must be publicly displayed for at least 30 days before implementation.
CBN has directed that all agent banking activities be processed in real time using secure, interoperable payment systems. Financial institutions must adopt technologies that ensure instant settlements and immediate reversals of failed transactions.
Each transaction must generate a receipt containing the agent’s name and location coordinates, while audit and settlement records must be preserved for at least five years.
Devices deployed to agents are to be geo-fenced, meaning they will only function within approved operational areas to curb fraudulent mobility and unauthorised transactions.
Financial institutions are required to submit monthly reports to CBN, no later than the 10th day of each month, detailing transaction data, fraud incidents, active agents, customer complaints, and training activities.
The apex bank warned that institutions or agents found violating the guidelines could face a range of penalties, including suspension from onboarding new agents, blacklisting, management removal, or even licence revocation.
According to CBN, this initiative reflects its commitment to strengthening transparency, protecting customers, and ensuring accountability within Nigeria’s rapidly growing financial services sector.
