The Central Bank of Nigeria (CBN) has released a new framework for agent banking operations, introducing stricter rules on transaction limits, fraud prevention, and regulatory compliance across Nigeria’s financial services sector.
According to the circular (PSP/DIR/CON/CWO/001/049) issued on Monday, the apex bank capped daily cumulative transactions at ₦1.2 million per agent and ₦100,000 per individual customer, as part of measures to strengthen oversight, improve transparency, and promote responsible financial conduct.
The new CBN Agent Banking Guidelines 2025 take effect immediately for all deposit money banks, financial institutions, and payment service providers, while rules on agent location and exclusivity will become enforceable from April 1, 2026.
Highlights of the New CBN Guidelines
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Transaction Limits: Agents can process up to ₦1.2 million per day, while individual customers are restricted to ₦100,000.
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Dedicated Accounts: All transactions must be done through designated accounts or wallets maintained by the principal financial institution.
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Super Agents Requirement: Super agents must operate at least 50 agents across all six geopolitical zones of Nigeria.
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Geo-Fencing Rule: Agent devices must be restricted to registered business locations to prevent misuse or fraudulent transactions.
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Customer Transparency: Receipts must include the agent’s name and business coordinates, while all audit data must be retained for at least five years.
Compliance and Reporting Standards
The CBN emphasized that using non-designated accounts for agent operations constitutes a regulatory breach and will attract severe sanctions. Principals are now required to publish updated agent lists on their websites and display them in all branches for transparency.
Monthly reports on transaction volumes, fraud incidents, customer complaints, and active agents must be submitted to the CBN by the 10th of every month.
Any agent or financial institution found guilty of misconduct or non-compliance risks licence suspension, management removal, or outright revocation.
Strengthening Financial Inclusion
According to the CBN, the updated framework aims to expand financial inclusion, especially in underserved areas, while ensuring customer safety and trust in the growing digital finance ecosystem.
Transactions will now be conducted in real time through secure and interoperable payment systems, enabling instant settlements and immediate reversals in case of system failures.
The new rules are also expected to reduce fraud, enhance service quality, and protect consumers from unregulated operators
Implications for Agents and MSMEs
For small businesses and microfinance operators that rely on agent banking, the new rules bring both benefits and challenges. While the framework increases consumer protection and strengthens transparency, it will require agents to upgrade compliance processes and ensure strict record-keeping.
Financial analysts believe the reform reflects the CBN’s goal of restoring trust in Nigeria’s fintech ecosystem following rising concerns about fraud and data abuse within the sector.
