The Central Bank of Nigeria (CBN) has released new operational guidelines for agent banking, introducing stricter compliance measures, transaction limits and location controls.
In a circular signed by Musa Jimoh, Director of Payments System Policy, the CBN said the framework, which takes immediate effect, seeks to enhance service quality, promote financial inclusion and maintain financial system stability.
“The guidelines establish minimum standards for operating agent banking in Nigeria, encouraging responsible market conduct and improving service delivery,” CBN stated.
Under the new rules, all agent banking transactions must be processed through designated accounts or wallets maintained by licensed financial institutions.
The CBN warned that using non-designated accounts would attract sanctions, and agents found liable for misconduct or fraud could face blacklisting or termination.
The circular also mandates all financial institutions, known as principals, to publish and regularly update the list of their registered agents on official websites and display them in local branches.
Super agents managing networks of 50 or more sub-agents across Nigeria’s six geopolitical zones are expected to expand financial access in underserved regions.
The CBN further restricted agents from relocating or closing their premises without prior written approval from their principals or super agents. Any relocation notice must be posted for at least 30 days to notify customers.
To boost transparency, the apex bank set a daily cash-out limit of N1.2 million per agent and directed that all transactions must be conducted in real time through secure, interoperable systems.
Agents are required to issue receipts containing their names and location coordinates, while records of transactions must be preserved for at least five years.
“The CBN may vary the transaction limits as needed and will continue to monitor developments for additional guidance,” the circular added.
Devices deployed for agent banking must also be geo-fenced restricted to approved operating areas to prevent unauthorized use.
Financial institutions are required to submit monthly reports to the CBN detailing transaction volumes, fraud incidents, customer complaints and agent training activities.
Breaches of the new regulations could result in suspension of agent onboarding, removal of management officials or revocation of licences.
The regulator said the measures were part of its ongoing efforts to “safeguard customers and strengthen oversight of Nigeria’s expanding financial services ecosystem.”
The new framework on agent location and exclusivity takes effect on April 1, 2026.
