The Central Bank of Nigeria issued new nationwide guidelines for agent banking, setting operational, security and conduct standards for banks, other financial institutions and agents, and separately confirmed with the Nigerian Financial Intelligence Unit that Nigeria has been removed from the Financial Action Task Force (FATF) grey list following reforms to address anti-money laundering and counter-terrorist financing (AML/CFT) deficiencies. The agent banking framework covers operational requirements and agent banking relationships, consumer protection measures, real-time transactions, data and network security requirements, and rendition of returns. It also specifies allowed and prohibited agent banking activities, agent qualification and due diligence criteria, risk assessment procedures, stakeholder roles and responsibilities, and applicable sanctions and penalties; the circular takes immediate effect, while agent location and agent exclusivity requirements apply from 1 April 2026. FATF delisting followed a two-year reform programme coordinated by the Federal Government involving multiple agencies including the Central Bank of Nigeria, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit and the Economic and Financial Crimes Commission, and is expected to support investor confidence, correspondent banking relationships and cross-border transactions. Stakeholders are expected to comply with the revised agent banking rules, with the Central Bank of Nigeria indicating ongoing oversight and the possibility of further directives. The Central Bank of Nigeria and the Nigerian Financial Intelligence Unit also urged continued vigilance and sustained implementation of robust AML/CFT measures.

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