The Central Bank of Nigeria (CBN) has introduced new guidelines for agent banking, also known as Point of Sales (POS), across the country. The guidelines, which were disclosed in a circular signed by the Director of the Payments System Management Department, Musa Jimoh, aim to establish minimum standards for operating agent banking in Nigeria.
According to the guidelines, daily POS transactions are capped at N1.2 million per agent and N100,000 per individual. This move is intended to prevent misuse, enhance financial integrity, and protect consumers within the agent banking framework. The CBN has also mandated all financial institutions to publish the list of their POS agents on their websites and display it in their branches, promoting transparency and accountability.
The new guidelines are part of the CBN’s efforts to enhance agent banking, provide financial services, and promote financial inclusion. The regulations will take effect from April 1, 2026, and are expected to improve service quality in agent banking operations. By setting limits on daily transactions, the CBN aims to curb fraudulent activities and ensure that agent banking services are used for legitimate purposes.
The introduction of these guidelines is a significant step towards promoting responsible market conduct and improving the overall quality of agent banking services in Nigeria. The CBN’s efforts to enhance financial inclusion and protect consumers are crucial for the country’s economic development. As the guidelines come into effect, it is expected that the agent banking sector will become more robust, transparent, and secure, ultimately benefiting the Nigerian economy and its citizens.
The CBN’s decision to regulate agent banking is also in line with its commitment to promoting financial stability and integrity. By setting clear guidelines and standards, the CBN is ensuring that agent banking services are provided in a safe and secure manner, which is essential for maintaining public trust and confidence in the financial system. As the Nigerian economy continues to evolve, the CBN’s guidelines will play a crucial role in shaping the future of agent banking and promoting financial inclusion.