The Central Bank of Nigeria (CBN) has issued a fresh set of regulatory guidelines for agent banking operations, including Point-of-Sale (PoS) agents across the country. The new framework sets a daily cash-out limit of N1.2 million per agent and introduces stricter compliance measures to enhance consumer protection and strengthen oversight in the rapidly expanding sector.
The reforms were announced in a circular signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department, and addressed to deposit money banks (DMBs), other financial institutions (OFIs), and payment service providers. The guidelines take immediate effect, while key provisions on agent location and exclusivity will become effective from April 1, 2026.
According to the circular, the new rules aim to “establish minimum standards for operating agent banking in Nigeria, enhance service delivery, encourage responsible market conduct, and promote financial inclusion.”
The apex bank explained that the initiative aligns with its broader objectives of financial system stability and expanding access to formal financial services, especially in underserved and rural areas.
Jimoh added that the CBN will continue to monitor developments in the agent banking space and issue further guidance as necessary, emphasizing that strict compliance with the new framework is mandatory for all licensed institutions and their agents.
