The Central Bank of Nigeria (CBN) has announced new guidelines to regulate agent banking operations nationwide, introducing limits on daily and weekly cash transactions per customer.
In a circular dated October 6, 2025, with reference number PSP/DIR/CON/CWO/001/049, the framework titled “Guidelines for the Operations of Agent Banking in Nigeria” aims to enhance financial inclusion while protecting customers from risks associated with cash handling.
The directive was signed by Musa I. Jimoh, the Director of the Payments System Policy Department.
Under the new regulations, customers are allowed to make cash deposits (cash-in) and cash withdrawals (cash-out) of up to ₦100,000 per day and ₦500,000 per week through agent banking channels. These limits also apply to bill payments made via agents.
The guidelines specify that the total cash-out transactions for each agent cannot exceed ₦1.2 million per day. The CBN retains the authority to periodically review these thresholds.
To improve transparency and monitoring, agents’ point-of-sale (PoS) devices and other transaction tools must be geo-fenced, confining operations to approved locations.
These devices must also connect to dedicated accounts or wallets provided by their principal institutions.
Any transactions conducted outside of these accounts will be considered violations, with agents held personally liable for any misconduct or fraud.
Moreover, financial institutions are required to maintain updated public records of their agents.
Each branch must display a list of agents operating in its locality, while Super Agents must have at least 50 active agents distributed across Nigeria’s six geopolitical zones.
The Central Bank of Nigeria emphasized that agent banking systems should ensure real-time transaction monitoring, immediate reversals for failed transactions, secure interoperability with the national payments system, and the storage of settlement records for at least five years.
Regarding enforcement, the apex bank warned that repeated violations by agents could result in the termination of contracts, blacklisting, or regulatory sanctions against both the agents and their principal institutions.
While most provisions of the new framework will take effect immediately, those related to agent location and exclusivity will be enforced starting April 1, 2026.
The CBN reaffirmed its commitment to creating a secure, transparent, and inclusive financial ecosystem and urged all banks, financial institutions, and payment service providers to fully comply with the updated guidelines.
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