The Central Bank of Nigeria has implemented new guidelines for agent banking, imposing a daily cap of ₦100,000 for individual customers and ₦1.2 million for each point-of-sale agent.
On Monday, the updated framework—signed by Musa Jimoh, Director of System Management—was made public to improve oversight, fortify financial stability, and safeguard consumers. While agent location and exclusivity guidelines will be enforceable starting on April 1, 2026, the new rules went into effect immediately.
Regulatory penalties for non-designated accounts
Per the circular, all agent banking operations must now be conducted through specific accounts or wallets kept up to date by the primary financial institution. Using non-designated accounts for these kinds of activities will result in regulatory penalties.
Agents convicted of fraud or other wrongdoing will be subject to severe sanctions, such as contract termination or blocklisting. Financial institutions, also known as “principals,” must regularly post and update registered agents’ lists on their websites and in their branches.
Super agents must keep at least 50 sub-agents spread throughout Nigeria’s six geopolitical zones to guarantee greater coverage. Agents must post a 30-day notice before moving or closing their business location, and they are not allowed to do so without prior written consent.
Transactions to be conducted using interoperable payment systems
The CBN has mandated that all transactions be carried out in real time using safe, interoperable payment systems to facilitate instant settlements and reversals in case of a system failure.
The agent’s name and address must appear on transaction receipts, and audit and settlement records must be kept for five years.
According to the CBN, the transaction caps are intended to prevent abuse, improve transparency, and protect customers within the agent banking network.
Financial institutions must now provide the CBN with monthly reports that include information on transaction volumes, fraud cases, agent activity, and customer complaints by the tenth day of the subsequent month.