The Central Bank of Nigeria (CBN) has released fresh guidelines for the operation of agent banking services across the country, effective April 1, 2026.
The apex bank said the new regulation aims to set minimum operational standards, enhance service delivery, and promote financial inclusion by providing safe and reliable financial services through agents.
In a circular dated October 6, 2025, and signed by Musa I. Jimoh, Director of the Payments System Policy Department, the CBN stated that the new framework supersedes all previous guidelines on agent banking and related relationships.
According to the bank, the updated framework aligns with its mandate to ensure financial system stability and deepen financial inclusion in Nigeria. It also seeks to promote responsible market conduct and improve the quality of services rendered by agents.
The guidelines define agent banking as the provision of financial services by a third party on behalf of a licensed deposit-taking institution. They apply to all CBN-licensed financial institutions authorized to engage in agent banking activities, subject to periodic reviews.
Under the new rules, principals must ensure that an agent’s daily cumulative cash-out limit does not exceed ₦1.2 million, though the CBN reserves the right to adjust transaction limits in line with the prevailing Guide to Charges for Banks and Other Financial Institutions.
In addition, all devices deployed for agent banking services must be geo-fenced or restricted to the agent’s registered operating location.
The document also outlines the roles and responsibilities of key stakeholders — including principals, super agents, agents, Payment Terminal Service Aggregators (PTSAs), and the CBN — as well as compliance requirements such as Know Your Customer (KYC) and Anti-Money Laundering (AML) provisions.
The framework sets operational and transactional limits to ensure that all agent banking transactions remain within the prescribed regulatory boundaries.
The CBN recalled that it had previously issued the Guidelines for the Regulation of Agent Banking and Agent Banking Relationships in Nigeria in 2013 and the Regulatory Framework for Licensing Super Agents in Nigeria in 2015.
It noted that the agent banking model has significantly improved access to financial services and advanced Nigeria’s financial inclusion targets. However, given the expansion and technological growth of the ecosystem, the bank said it became necessary to review and consolidate all existing policies into a single, comprehensive document.
“In furtherance of its mandate to promote a sound, safe, and stable financial system under the CBN Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020, the Central Bank hereby issues the Guidelines for the Operations of Agent Banking in Nigeria,” the statement added.
The apex bank emphasized that all stakeholders must ensure strict compliance, noting that it will continue to monitor developments in the sector and issue further guidance where necessary.
