Naija247news – Abuja (October 6, 2025):
The Central Bank of Nigeria (CBN) has rolled out a new regulatory framework for agent banking, designed to enhance service quality, safeguard consumers, and accelerate financial inclusion across the country.
The circular, signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department, indicates that most provisions take effect immediately, while rules on agent location and exclusivity will begin on April 1, 2026. Jimoh stressed that the updated framework aims to “set minimum standards for agent banking in Nigeria,” ensuring transparency, responsible practices, and consumer protection.
Under the new rules:
- All agent banking transactions must be executed through a dedicated account or wallet managed by the principal financial institution; non-designated accounts are prohibited.
- Misconduct or fraud by agents could lead to personal accountability, contract termination, or blacklisting.
- Financial institutions are required to publish and maintain updated lists of agents on their websites and display them in branches.
- Super agents must oversee at least 50 agents spread across Nigeria’s six geopolitical zones to enhance nationwide access.
The policy also introduces relocation rules, requiring agents to obtain written approval before moving and to publicly notify customers at least 30 days in advance.
Transactions must now be real-time, secure, and interoperable, with automatic reversals in case of failures. Each transaction must generate a receipt showing the agent’s name and location coordinates, and records must be retained for five years for audit and regulatory purposes.
To prevent abuse, the CBN set a daily cumulative cash-out limit of ₦1.2 million per agent and requires geo-fencing of agent devices to restrict operations to registered locations.
Financial institutions must submit monthly reports detailing transaction volumes, fraud instances, active agents, complaints, and training activities by the 10th of each month.
Non-compliance may result in suspension from onboarding new agents, blacklisting, management removal, or license revocation.
The CBN emphasized that these measures are part of its ongoing efforts to strengthen oversight, maintain trust, and ensure stability in Nigeria’s agent banking sector, a critical driver of financial inclusion and economic growth.
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Reporting by Ifeoluwa Okonkwo in Lagos, Nigeria.
