The Central Bank of Nigeria (CBN) has introduced fresh regulatory guidelines that cap daily cash-out transactions for Point of Sale (POS) agents at ₦1.2 million, while individual customers are limited to ₦100,000 in daily transactions. This directive aims to enhance financial integrity, curb misuse, and protect consumers within Nigeria’s agent banking framework.
Issued by the Director of Payments System Management, Musa Jimoh, the new framework applies immediately, with provisions related to agent location and exclusivity taking effect from April 1, 2026. Under the guidelines, all agent banking transactions must be conducted through dedicated accounts or wallets maintained by the principal financial institution; unauthorized use of non-designated accounts is prohibited and will attract sanctions.
The CBN also mandates that banks publish and regularly update lists of their registered agents both online and in branch offices to ensure transparency. Additionally, super agents are required to maintain at least 50 sub-agents dispersed across Nigeria’s six geopolitical zones to ensure wider coverage. Agents are forbidden from relocating or closing their business premises without prior written approval, and must display a 30-day notice before any move.
Violations of the new rules, including fraudulent activities or misconduct by agents, will result in penalties such as blacklisting or termination of contracts. The CBN retains the discretion to vary or amend transaction limits as necessary based on evolving financial stability and regulatory needs.
These measures reflect the Central Bank’s ongoing efforts to tighten oversight of agent banking operations and drive the digital payment ecosystem toward greater transparency and security. They also align with the wider adoption of enhanced anti-money laundering protocols and global payment messaging standards.