The Central Bank of Nigeria (CBN) has introduced new guidelines for agent banking, limiting daily transactions for Point-of-Sale (POS) agents to N1.2 million. This change aims to enhance financial stability and consumer protection within the banking sector. Financial institutions are now required to submit monthly reports detailing their agents’ activities to ensure better oversight and service quality.
The new rules specify that all transactions must be conducted through designated accounts maintained by the principal financial institutions. Agents must not use non-designated accounts, as this would lead to regulatory violations. Additionally, agents found guilty of misconduct may face serious consequences, including being placed on industry watchlists or having their agreements terminated.
Under these guidelines, financial institutions must also publish and regularly update their list of agents on their websites. The changes are effective immediately, while certain provisions regarding agent location and exclusivity will take effect from April 1, 2026. The CBN aims to promote financial inclusion and improve the quality of services in the agent banking system.
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