The Central Bank of Nigeria (CBN) has released new agent banking guidelines to boost financial inclusion, protect consumers, and enhance service quality.
The circular, signed by Musa Jimoh, Director of the Payments System Policy Department, takes effect immediately. However, new rules on agent location and exclusivity begin on April 1, 2026.
Under the CBN agent banking guidelines, all transactions must go through designated accounts or wallets managed by licensed financial institutions. The CBN banned non-designated accounts and warned that violators would face penalties.
Agents found guilty of fraud or misconduct risk termination and sanctioning.
“Principals shall post an updated list of all their Agents on their websites,” the CBN stated. “Each branch of the Principal shall display the list of its Agents in that branch’s locality.”
“Super agents must have at least 50 or more agents spread across Nigeria’s six geopolitical zones, ensuring broader coverage and access to financial services in underserved areas.”
A super-agent is a financial institution’s authorized representative who can subcontract other agents while maintaining full control over the network.
Agents cannot relocate or close their business without written approval. Any relocation notice must be displayed for at least 30 days.
The CBN agent banking guidelines require all transactions to be real-time, secure, and interoperable. Systems must support instant payments, reversals, and receipts.
Each receipt must include the agent’s name and address. Financial institutions must keep audit records for at least five years.
The CBN also imposed a ₦1.2 million daily cash-out limit per agent and directed that all transaction devices be geo-fenced to approved areas.
Financial institutions must submit monthly reports to the CBN. These reports should cover transaction volumes, fraud cases, customer complaints, and training activities.
Noncompliance may result in licence revocation,suspension, or management removal.
The CBN said the new agent banking guidelines aim to build public trust, ensure transparency, and strengthen oversight in Nigeria’s fast-growing financial system.
