by Muhammad Mamman
The Central Bank of Nigeria (CBN) has rolled out new guidelines for agent banking, capping Point-of-Sale (POS) transactions at ₦1.2 million per agent daily and ₦100,000 for individual customers.
Signed by the Director of Payments System Management, Musa Jimoh, the new rules take immediate effect, while location and exclusivity provisions will be enforced from 1 April 2026.
Under the revised framework, all agent transactions must be conducted through designated accounts or wallets linked to their financial institutions. Breaches will attract sanctions, including blacklisting or contract termination.
Super agents must maintain at least 50 sub-agents spread across Nigeria’s six geopolitical zones, and agents cannot relocate without written approval and a 30-day public notice.
All transactions are to be processed in real time on secure, interoperable systems with instant settlement and reversal options. Receipts must clearly display the agent’s name and location, while records are to be retained for five years.
The CBN said the limits aim to prevent abuse, strengthen transparency, and protect consumers in the agent banking network. Financial institutions must also submit monthly reports on transactions, fr@ud cases, and complaints by the 10th of each month.
