CBN Unveils Strict New Rules for Agent Banking Operations
In a major move to reshape Nigeria’s financial landscape, the Central Bank of Nigeria (CBN) has rolled out comprehensive new guidelines for agent banking operations, putting emphasis on transparency, security, and nationwide accessibility.
The fresh framework, announced through a circular signed by Musa Jimoh, Director of CBN’s Payments System Policy Department, introduces stringent measures that will transform how banking agents operate across the country. While most rules take immediate effect, some provisions regarding agent location and exclusivity will kick in from April 1, 2026.
At the heart of these reforms is a mandate requiring all agent banking transactions to flow through dedicated accounts or wallets overseen by principal financial institutions. The days of using personal accounts for agent banking are now over, with the CBN warning of strict sanctions for violators. Agents caught in fraudulent activities could face permanent blacklisting from the system.
Transparency takes center stage in the new guidelines, with financial institutions now required to maintain public listings of their agents on their websites. Super agents must demonstrate their commitment to financial inclusion by maintaining at least 50 agents spread across Nigeria’s six geopolitical zones.
The regulations also put a tight leash on agent mobility – no more disappearing acts! Agents must secure written approval before relocating and must give customers a 30-day heads-up through public notices. Tech requirements have been beefed up too, with all transactions required to happen in real-time and generate receipts showing agent details and location coordinates.
To keep operations in check, the CBN has set a daily cash-out limit of ₦1.2 million per agent and requires geo-fencing of banking devices to prevent unauthorized use. Financial institutions must also submit detailed monthly reports covering everything from transaction volumes to customer complaints.
The apex bank isn’t playing around when it comes to enforcement. Non-compliance could result in various sanctions, from suspension of agent onboarding to complete revocation of operating licenses. These measures reflect CBN’s commitment to creating a more secure and reliable agent banking system for all Nigerians.
These sweeping changes mark a significant step in CBN’s ongoing efforts to strengthen Nigeria’s financial services sector, ensuring better consumer protection and improved banking access for millions of Nigerians.
