The Central Bank of Nigeria issued new Guidelines for the Operations of Agent Banking in Nigeria, consolidating and replacing its earlier agent banking and super-agent frameworks into a single rulebook. The framework sets minimum standards for CBN-licensed financial institutions authorised to use agent banking, covering stakeholder roles, permissible services, operational controls, reporting, remedial actions, and sanctions. The guidelines define principals as licensed deposit-taking institutions, super agents as CBN-licensed entities limited to recruiting and managing agents, agents as contracted individuals or incorporated entities, and Payment Terminal Service Aggregators (PTSAs) as terminal registration and monitoring intermediaries. Permissible agent services include cash-in and cash-out, bill payments, naira-only transfers, balance enquiries and mini statements by SMS or email, assisting with account opening forms, cheque book requests and collections, and collection of bank correspondence, while prohibiting super agents from undertaking agent banking, agents from providing services such as customer account opening, loan underwriting, investment and foreign exchange services, delegation of agent functions, and the use of automated machines as agents. Agents must be exclusive to one principal and can only belong to one super agent network at a time, with board approval required before principals or super agents enter agent banking relationships; onboarding requirements include “Know Your Agent” registration, BVN/NIN/TIN data capture, biometric and GPS profiling, due diligence checks, and at least biyearly training. Operational requirements include dedicated agent accounts or wallets linked to payment terminals, geo-fencing of deployed devices, real-time processing with mandatory immediate reversals on failures, minimum ICT and security controls including at least two-factor authentication per transaction, publication of agent lists and locations, relocation notice processes, complaint handling within seven working days, and branding rules that prohibit terms suggesting the agent is a financial institution. PTSAs must enable terminal geo-location and integrate their Terminal Management Systems with the CBN Automated Regulatory Data Solutions for unique identification. Maximum customer limits are set at NGN 100,000 daily and NGN 500,000 weekly for both cash-in and cash-out, and NGN 100,000 daily and weekly for bill payments, while each agent’s daily cumulative cash-out must not exceed NGN 1,200,000, with the CBN retaining the ability to vary limits. Principals must file monthly returns by the 10th day of the following month covering transaction metrics, fraud incidents, complaints, agent population and particulars, breaches and exceptions, device information, agent training, and on-site visits, and the CBN reserves broad inspection and data-access powers; breaches can lead to corrective directions, blacklisting, and administrative penalties including at least NGN 10,000,000 for operating without a super-agent licence and at least NGN 5,000,000 for engaging in non-permissible agent banking activities, alongside escalating daily fines and potential wider supervisory sanctions.

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