The Central Bank of Nigeria (CBN) has released new guidelines for the operations of agent banking in the country.
The new regulation, effective April 1, 2026, aimed to establish minimum standards for operating agent banking as well as enhance them to provide financial services and promote financial inclusion in the country.
The framework further seeks to encourage responsible market conduct and improve service quality in agent banking operations.
The central bank announced this in a circular to all Deposit Money Bank (DMBs), Other Financial Institutions and Payment Service Providers, which was dated October 6, 2025, and signed by CBN Director, Payments System Policy Department, Musa I. Jimoh.
The guidelines supersedes all other CBN guidelines on agent banking and agent banking relationships, the bank further affirmed.
The apex bank explained that the framework was in furtherance of its mandate for the stability of the financial system and pursuant to its role in deepening the financial system.
The CBN warned all stakeholders to ensure strict compliance with the guidelines and all other regulations, as the bank will continue to monitor developments and issue guidance as may be appropriate.
Essentially, agent banking denotes the provision of financial services by a third party to customers on behalf of a licensed deposit-taking financial institution.
The guidelines shall apply to all Financial Institutions (FIs) licensed by the CBN and authorised to engage in agent banking activities, subject to periodic review by the bank.
Under the new framework, the CBN noted that the principal to the agent shall ensure that each agent’s daily cumulative cash-out limit does not exceed N1,200,000.00.
However, 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 the country.
Also, 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.
The document further listed stakeholders in agent banking to include, principals, super agents, agents, Payment Terminal Service Aggregators (PTSAS) and the apex bank – as well as their respective roles and requirements including KYC and anti-money laundering clearance among others.
It stipulated operational and transaction limits for agent banking, stating that financial institutions shall ensure that the transactional limits for agent banking services are within the maximum regulatory limits specified in the guidelines.
Meanwhile, the central bank had issued the “Guidelines for the Regulation of Agent Banking and Agent Banking Relationships in Nigeria” in 2013 and the “Regulatory Framework for Licensing Super Agents in Nigeria” in 2015.
The apex bank noted that access to financial services in the country had been enhanced through the agent banking initiative and has served as a viable tool for the achievement of financial inclusion targets.
It added that given the expansive nature of the agent banking ecosystem and the sophistication of agent banking operations due to technological advancement, it became necessary for the CBN to review the regulations on agent banking, in line with current realities.
The CBN explained that the current review seeks to consolidate all extant policies with respect to agent banking and agent banking relationships into a single document (guidelines) to comprehensively address emerging issues within the ecosystem.
Consequently, the bank stated, “In furtherance of its mandate to promote a sound, safe and stable financial system under the CBN Act 2007, and its power to regulate the business of banking under the Banks and Other Financial Institutions Act 2020 (BOFIA), the CBN hereby issues the “Guidelines for the Operations of Agent Banking in Nigeria” to strengthen the enabling environment for offering safe financial services to the underbanked and remote areas in the country.”
James Emejo
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