CBN introduces strict limits and monitoring standards for agent banking to curb financial abuse and enhance transparency.
The Central Bank of Nigeria (CBN) has issued new guidelines for agent banking operations, capping daily transactions at ₦100,000 and weekly transactions at ₦500,000 per customer. The directive, effective immediately, aims to enhance financial inclusion, prevent money laundering, and ensure proper oversight.
According to a circular signed by Musa I. Jimoh, Director of Payments System Policy, the new framework titled Guidelines for the Operations of Agent Banking in Nigeria introduces stricter standards for agents handling cash transactions. Each agent’s cumulative daily cash-out limit must not exceed ₦1.2 million.
The CBN also mandated that all agent devices, such as PoS terminals, be geo-fenced to operate only within registered locations. Agents breaching the rules risk contract termination and blacklisting.
The apex bank said the new measures are designed to “curb abuse, strengthen transparency, and ensure consumer protection.”