The Central Bank of Nigeria (CBN) has introduced a new set of operational guidelines for agent banking, tightening regulations on transaction limits, consumer protection, reporting standards, and operational procedures in a bid to strengthen oversight and improve trust in the country’s rapidly growing financial services sector.
The revised framework, released on Monday through circular PSP/DIR/CON/CWO/001/049, sets a daily cumulative transaction limit of ₦1.2 million per agent. This move is aimed at enhancing transparency, curbing fraud, and promoting responsible conduct within the agent banking ecosystem. Individual customers are now restricted to ₦100,000 in daily transactions.
The guidelines, which take immediate effect, are directed at deposit money banks, other financial institutions, and payment service providers. Provisions relating to agent location and exclusivity will become enforceable from April 1, 2026. According to the CBN, the new framework sets minimum standards for agent banking operations, promotes financial inclusion, improves service quality, and encourages responsible market behaviour.
Under the new rules, all transactions must be carried out through a dedicated account or wallet maintained by the principal financial institution. The use of non-designated accounts for agent operations will be treated as a regulatory violation and will attract sanctions. Principals are also required to publish and regularly update the list of their agents on their websites and display them in their branches.
To enhance service coverage, especially in underserved regions, super agents must now operate at least 50 agents across all six geopolitical zones. Agents cannot relocate, transfer, or close their business locations without prior written approval from their principal or super agent, and a 30-day relocation notice must be displayed prominently for customers.
All transactions must be conducted in real time through secure and interoperable payment systems, with technologies in place for instant settlements and immediate reversals in the event of system failures. Transaction receipts will now include the agent’s name and geographical coordinates, while all audit trails and settlement data must be preserved for at least five years.
To prevent misuse, all agent banking devices must be geo-fenced, allowing operations only within registered business locations. Monthly reports on transaction volumes, fraud incidents, customer complaints, training sessions, and active agents must be submitted to the CBN by the 10th of the following month.
Agents found guilty of misconduct or fraud will face severe penalties, including blacklisting and termination of their agreements. Violations of the framework could also lead to licence suspension, management removal, or outright revocation.
The CBN said these reforms reaffirm its commitment to deepening financial inclusion, enhancing regulatory oversight, and building public confidence in Nigeria’s evolving digital financial ecosystem. For MSMEs that rely heavily on agent banking services for daily operations, the new framework is expected to bring greater security and transparency but will also require stricter compliance and operational adjustments.
