The Central Bank of Nigeria (CBN) has directed all financial institutions to submit detailed monthly reports on the activities of their Point-of-Sale (POS) agents. This directive aims to enhance oversight and promote transparency in the country’s rapidly expanding agent banking sector.
Issued on October 6, 2025, the circular signed by Musa Jimoh, the Director of the CBN’s Payments System Policy Department, demands that financial institutions provide comprehensive data regarding the transactions of POS agents. This includes crucial information such as the value and volume of transactions, fraud incidents, customer complaints, and operational breaches.
The CBN has stipulated that submissions should reach the apex bank no later than the 10th day of the following month.
Key Reporting Requirements
The CBN has outlined several mandatory disclosures, including:
Fraud incidents: Including theft, robbery, or any other criminal activity at agent locations.
Customer complaints: Detailed information about complaints, along with actions taken to resolve them.
Agent categorization: A classification of active agents into individual and non-individual groups.
Operational breaches: A schedule detailing any operational irregularities and exceptions observed.
Agent information: This includes contact details, Business Verification Number (BVN), Tax Identification Number (TIN), business address, state, and geopolitical zone.
Electronic device specifications: Full details of the deployed POS terminals, such as terminal IDs, original equipment manufacturers (OEM), and serial numbers.
Training records: Documentation of training on Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT), fraud detection, reconciliation, and customer service.
On-site visits: A record of any on-site visits by bank officials or CBN representatives, including exceptions noted during these visits.
The CBN further clarified that it reserves the right to request additional data if necessary.
Strict Compliance and Sanctions
In its directive, the CBN emphasized that all submissions must be signed by the institution’s Managing Director (MD) or Chief Executive Officer (CEO), as well as the Chief Compliance Officer (CCO). Reports must be submitted to the Director of the Payments System Supervision Department (PSSD), with the acknowledgment from the CBN serving as confirmation of receipt.
The CBN also warned that failure to comply with the reporting timelines would result in regulatory sanctions. Any reports submitted later than 10 working days after the reporting period will be considered a breach of the guidelines.
Transaction Limits Reaffirmed
Additionally, the CBN has reiterated the transaction limits imposed on POS agents and individual customers. As of December 2024, POS agents are restricted to a maximum of N1.2 million per day, while individual customers can conduct a maximum of N100,000 in daily transactions.
These limits are designed to mitigate misuse, improve financial integrity, and protect consumers.
Ongoing Efforts to Combat Fraud
The CBN has been actively working to address issues of fraud within the Nigerian financial system. In August 2025, it issued a directive requiring all stakeholders in the country’s payment ecosystem to complete their migration to the ISO 20022 messaging standard by October 31, 2025.
This move is part of the CBN’s strategy to standardize data quality across Nigeria’s financial institutions and align with global standards, particularly the SWIFT global migration timeline.
By mandating these rigorous reporting requirements, the CBN is working to increase the integrity of agent banking operations, ensuring that agents comply with the necessary regulatory standards while protecting both consumers and financial institutions.
