CBN Unveils New Agent Banking Guidelines, Mandates Single-Principal Requirement from 2026
The Central Bank of Nigeria (CBN) has announced comprehensive new guidelines for agent banking operations, with a significant change requiring POS agents to work exclusively with one principal starting April 1, 2026. The framework, released on Monday, October 6, 2025, aims to enhance financial services delivery to underserved areas while implementing stricter operational controls.
Under the new regulations, which consolidate existing frameworks into a unified document, agents will maintain their core services including cash transactions, fund transfers, and bill payments. However, the guidelines introduce several major changes to the industry’s structure and operations.
The most notable reform is the exclusivity requirement, which mandates that both individual agents and super agent networks can only affiliate with one principal at a time, though super agents may maintain multiple principal partnerships. Additionally, super agents are now barred from directly providing agent banking services.
Eligibility Requirements and Operational Standards
The framework establishes more rigorous qualification criteria for agents. Prospective agents must have a clean financial record with no non-performing loans in the previous 12 months, no bankruptcy history, and an uncompromised Bank Verification Number (BVN). Agents must operate from fixed locations no smaller than a kiosk, while business entities must conduct operations solely from their registered premises.
To ensure fair competition, the guidelines prohibit principals from favoring specific card brands and mandate uniform pricing and rewards across all customers and agents. A distinct agent code (6010) must be used to separate agent banking activities from regular merchant transactions.
Technical Infrastructure and Compliance
The guidelines formally recognize Payment Terminal Service Aggregators (PTSAs) as key stakeholders responsible for POS terminal registration and tracking. This aligns with the CBN’s August 2025 directive on POS terminal geotagging to combat fraud and improve payment transparency.
Transaction Limits and Controls
New daily transaction limits have been implemented:
– Customers: ₦100,000 daily and ₦500,000 weekly for cash-in, cash-out, and bill payments
– Agents: ₦1.2 million daily cash-out limit
Branding and Enforcement
The guidelines mandate clear branding requirements, including visible display of principal and super agent identities, service lists, and pricing information. Agents are prohibited from using terms that might suggest they are financial institutions.
The CBN has established enforcement mechanisms including sanctions, termination of agreements, and blacklisting for non-compliance. The regulator maintains the authority to conduct direct inspections and impose penalties on institutions that violate the guidelines.
While most provisions take immediate effect, the industry has until April 2026 to comply with the single-principal requirement, marking a significant transition period for Nigeria’s agent banking sector.
