The Central Bank of Nigeria (CBN) has released a fresh set of regulatory guidelines for agent banking operations (PoS operators) across the country, setting a new daily cash-out limit of N1.2 million per agent and introducing stricter compliance measures to safeguard consumers and strengthen oversight in the fast-expanding sector.
The apex bank announced the reforms in a circular signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department.
The circular, addressed to deposit money banks, other financial institutions (OFIs), and payment service providers, takes immediate effect.
However, key provisions relating to agent location and exclusivity will become effective from April 1, 2026. According to the circular, the new rules were developed to “establish minimum standards for operating agent banking in Nigeria, enhance service delivery, encourage responsible market conduct, and promote financial inclusion.”
The bank noted that the initiative aligns with its broader financial system stability goals and efforts to expand access to formal financial services, especially in underserved areas.
Jimoh said the apex bank would “continue to monitor developments and issue further guidance as may be appropriate,” stressing that strict compliance with the framework is mandatory for all institutions and their agents.
