The Central Bank of Nigeria (CBN) has published revised guidelines for agent-banking operations across the country. The measures aim to tighten controls on agent activity, protect customers from fraud, and improve oversight of Point-of-Sale (PoS) and wallet-based cash services.
Key changes at a glance
- Daily customer limit: Individual customers are restricted to a maximum cash-in/cash-out amount per day via agents.
- Agent transaction cap: Agents face a cumulative daily cash-out ceiling to limit concentration of cash at single locations.
- Geo-fencing of devices: PoS terminals and agent devices will be linked and geo-fenced so they function only at approved locations.
- Dedicated accounts/wallets: All agent transactions must flow through designated accounts or wallets maintained by the licensed principal financial institution.
- Registration and mobility rules: Agents must be registered and listed publicly by their principals; agents cannot relocate or close without prior approval.
- Stiffer penalties: Significant fines and daily penalties now apply for breaches, with heavier sanctions for unlicensed super-agents or institutions facilitating prohibited activities.
What this means for customers
Everyday Nigerians who depend on agents and PoS for withdrawals, deposits and payments will see clearer limits on how much cash can be moved in a single day or week through an agent. These measures are intended to reduce fraud risk and ensure transactions are traceable through licensed channels.
What this means for agents and PoS operators
Agents must comply with stronger record-keeping and device-management rules. PoS and agent devices will be linked to a principal bank account or wallet and may be geo-fenced. Agents who operate outside the approved rules — for example by relocating without approval, offering unauthorised services, or failing to register — may face heavy fines and other sanctions.
Penalties and enforcement
The CBN has signalled stricter enforcement: institutions and individuals found in breach of the new rules may face monetary fines, daily penalties for ongoing breaches, and possible forfeiture of profit from unauthorised activities. Where operators act as super-agents without licences, they may face even larger fines and regulatory action.
Why the CBN took this step
Agent banking grew rapidly as a tool for financial inclusion, but regulators say the sector also attracted fraudulent practices and unlicensed players which increase systemic risk. The new rules are designed to strengthen oversight while preserving convenience for genuine users and licensed operators.
Practical tips for users and agents
- Customers: Keep transaction receipts, confirm the agent is listed by a bank, and avoid sharing PINs or OTPs.
- Agents: Ensure your device is registered with your principal bank, keep accurate daily records, and don’t offer services beyond your licence.
- Bloggers / publishers: When reporting on this topic, link to the CBN circular and include the effective dates and exact limits to avoid confusion.
If you are an agent or run a fintech service, contact your licensing bank or principal immediately to confirm how the new rules affect your account and device configuration.
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