The Central Bank of Nigeria (CBN) has released a comprehensive set of new guidelines to regulate the operations of agent banking in the country.
In a circular issued on Monday and signed by Musa Jimoh, Director of the Payments System Policy Department, the apex bank said the move is intended to enhance service quality, protect consumers, and promote financial inclusion, while maintaining the stability of the financial system.
The new rules take immediate effect, though certain provisions—such as agent location requirements and exclusivity clauses—will be enforced starting April 1, 2026.
Key Highlights of the New Guidelines:
Designated Accounts Only
- All agent transactions must go through a dedicated account or wallet provided by the principal institution.
- Use of non-designated accounts is strictly prohibited, with violations attracting sanctions.
Accountability & Transparency
- Agents involved in fraud or misconduct will be personally liable.
- Offending agents may face blacklisting, termination, or inclusion on industry watchlists.
Public Agent Lists
- Financial institutions (principals) must:
- Publish updated agent lists on their official websites.
- Display local agent lists at each branch for public visibility.
Coverage & Agent Mobility
- Super agents must operate at least 50 agents across Nigeria’s six geopolitical zones.
- No agent may relocate or close without written approval.
- A 30-day notice must be visibly posted on premises before any move.
Transaction Regulations
Real-Time Transactions
- All transactions must be processed in real time on secure, interoperable payment systems.
- Technologies must support instant settlement, reversals, and receipts with geo-tagged agent data.
Transaction Limits
- Daily cumulative cash-out limit per agent is set at ₦1.2 million.
- Limits are subject to change based on CBN’s Guide to Charges.
Geo-Fencing of Devices
- Devices used by agents must be geo-fenced, operating only within their registered premises.
Reporting, Compliance & Sanctions
Monthly Reporting
- Principals must submit detailed monthly reports to the CBN by the 10th of each month, including:
- Transaction volumes and values
- Fraud incidents
- Agent training and performance
- Customer complaints
Penalties for Non-Compliance
- Sanctions include:
- Suspension from onboarding new agents
- Removal of top executives
- Licence revocation for repeated breaches
The CBN warned that persistent non-compliance by any institution may lead to blacklisting of both principals and super agents.
Why It Matters:
The move comes as Nigeria’s agent banking ecosystem continues to expand rapidly, becoming a crucial driver of financial inclusion, especially in underserved and rural areas.
The CBN says these new standards will help build trust, ensure operational integrity, and protect consumers while supporting broader financial sector reforms.
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