The Central Bank of Nigeria (CBN) has rolled out a new set of operational guidelines for agent banking across the country, fixing a daily cash-out transaction limit of N1.2 million per agent.
The directive, issued in a circular signed by Musa Jimoh, Director of the Payments System Policy Department, takes immediate effect, while specific provisions on agent location and exclusivity are scheduled to come into force on April 1, 2026.
According to the apex bank, the framework is aimed at improving service quality, strengthening consumer protection, expanding financial inclusion, and ensuring stability in the financial system.
Mandatory Dedicated Accounts for Agent Operation
Under the new rules, all agent banking transactions must be carried out through dedicated accounts or wallets managed by the principal financial institution.
The use of non-designated accounts has been expressly prohibited, with the CBN warning that any breach would attract stiff sanctions.
Agents found guilty of misconduct, fraud, or other violations will be held personally liable and risk termination of their agreements or blacklisting from future financial service operations.
Financial institutions, referred to as principals, are now required to publish and regularly update the list of their agents on their official websites, while each branch must also display the list of agents within its locality.
The guidelines further mandate super agents — those authorised to recruit and supervise other agents — to maintain at least 50 agents spread across Nigeria’s six geopolitical zones, ensuring wider access to financial services in underserved communities.
Transaction Rules and Technology Deployment
The CBN has directed that all agent banking transactions must be conducted in real time, using secure and interoperable payment infrastructure.
Financial institutions are to deploy technology that guarantees instant settlement, immediate reversals in case of failed transactions, and automatic rejection of suspicious operations.
All transaction receipts must carry the agent’s name and geographic coordinates. In addition, audit records are to be preserved for at least five years for regulatory monitoring.
The guidelines also insist that devices deployed for agent banking must be geo-fenced, restricting their operation strictly to registered business premises and preventing unauthorised use elsewhere.
Reporting, Sanctions, and Penalties
Principals are required to submit monthly reports to the CBN by the 10th of every month, covering transaction volumes, values, customer complaints, fraud cases, number of active agents, and details of agent training.
The apex bank emphasised that it reserves the right to demand further information, conduct spot checks, and exercise direct supervisory powers over agents at any time.
Sanctions for violations range from suspension of new agent onboarding and blacklisting of erring institutions, to removal of responsible management officials and possible revocation of licences.
The CBN noted that these measures are part of ongoing reforms to strengthen oversight in the agent banking sector, safeguard consumers, and consolidate public trust in Nigeria’s rapidly growing financial services ecosystem.