The Central Bank of Nigeria (CBN) has introduced new operational guidelines for agent banking across the country, capping daily cumulative transactions per agent at N1.2 million.
The revised framework, released on Monday, also mandates all financial institutions to submit monthly reports on the activities of their Point-of-Sale agents to enhance oversight and service quality.
The circular (PSP/DIR/CON/CWO/001/049), signed by the Director of the Payments System Management Department, Musa Jimoh, aims to strengthen financial stability, promote inclusion, and protect consumers.
The circular, addressed to all deposit money banks, other financial institutions, and payment service providers, takes immediate effect, while provisions on agent location and exclusivity will become effective from April 1, 2026.
It read, “The Central Bank of Nigeria, in furtherance of its mandate for the stability of the financial system and pursuant to its role in deepening the financial system, hereby issues the Guidelines for the Operations of Agent Banking in Nigeria.
“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.
“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be with effect from April 1, 2026.
“All stakeholders are required to ensure strict compliance with the Guidelines and all other regulations, as the CBN continues to monitor developments and issue guidance as may be appropriate.”
Under the new rules, all agent banking transactions must be conducted through a dedicated account or wallet maintained by the principal financial institution to ensure transparency and better oversight.
The CBN warned that using non-designated accounts for agent operations would constitute a regulatory violation and attract sanctions.
Agents found guilty of misconduct, fraud, or related offences will be held personally liable and may be placed on industry watchlists or have their agreements terminated.
Financial institutions, referred to as “principals”, are now required to publish and regularly update the list of all their agents on their official websites and display them within their branches.
Super agents must have at least 50 agents distributed across the six geopolitical zones to ensure wider coverage and access to financial services in underserved areas.
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.
 Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
 has introduced new operational guidelines for agent banking across the country, capping daily transactions){kind=link}