The Central Bank of Nigeria (CBN) has introduced a comprehensive and updated set of regulations governing agent banking operations nationwide. Effective April 1, 2026, this new framework supersedes all prior CBN circulars and guidelines concerning agent banking.
The primary goals of this overhaul are to: establish and enforce minimum operational standards for the sector, enhance the delivery of financial services, specifically to boost financial inclusion, promote responsible conduct within the market and improve the overall quality of service provided by banking agents.
The CBN, which is responsible for the stability and deepening of the financial system, issued the directive on October 6, 2025.
It was communicated to all Deposit Money Banks (DMBs), Other Financial Institutions, and Payment Service Providers via a circular signed by Musa Jimoh, the Director of the Payments System Policy Department.
Agent banking is defined as a third party’s provision of financial services to customers on behalf of a financial institution licensed to accept deposits.
The new rules apply to all Central Bank of Nigeria (CBN)-licensed Financial Institutions (FIs) authorised to carry out agent banking activities. Under the updated framework, the transaction limits and technology standards are clearly defined.
Each financial institution, referred to as the Principal, must ensure that an agent’s total daily cumulative cash-out limit does not exceed ₦1,200,000 (One Million Two Hundred Thousand Naira).
The CBN, however, reserves the right to review and adjust these limits periodically in line with the Guide to Charges for Banks and Other Financial Institutions.
In addition, every device used by agents for banking operations must be geo-fenced or tagged. This requirement ensures that such devices function strictly within the officially registered agent’s premises or location.
The document also details the roles and responsibilities of key stakeholders in the agent banking ecosystem. These include Principals (financial institutions), Super Agents, Agents, Payment Terminal Service Aggregators (PTSAs), and the Apex Bank (CBN).
Furthermore, the framework emphasises strict compliance with Know-Your-Customer (KYC and anti-money laundering (AML) protocols. Financial institutions are required to ensure that all transaction limits for agent banking activities remain within the regulatory ceilings specified in the guidelines.
The CBN noted that its previous regulations, including the “Guidelines for the Regulation of Agent Banking and Agent Banking Relationships in Nigeria” (2013) and the “Regulatory Framework for Licensing Super Agents in Nigeria” (2015), had significantly enhanced access to financial services and contributed to financial inclusion targets.
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However, rapid technological advancement and the subsequent growth and complexity of the agent banking ecosystem necessitated a regulatory review.
The current review consolidates all existing policies into a single, cohesive document to effectively address emerging issues.
The CBN stressed that this action is taken under the authority of the CBN Act 2007 and the Banks and Other Financial Institutions Act 2020 (BOFIA) to promote a sound, safe, and stable financial system.
The ultimate goal is to strengthen the environment for providing secure financial services to underserved populations and remote areas.
All stakeholders have been warned to strictly comply with these guidelines and all other relevant regulations, as the CBN will continue to actively monitor the sector.
