The Central Bank of Nigeria (CBN) has released a comprehensive new framework for agent banking operations, reshaping how Point-of-Sale (PoS) agents and super agents operate across the country.
- Exclusive partnership rule
- Mandatory dedicated accounts
- Transaction limits enforced
- Stricter due diligence and eligibility
- Real-time transactions and geo-fencing
- Mandatory training for agents
- Consumer protection and transparency
- Report to the regulatory body
- Relocation of agents
- Heavy sanctions for violations
The Guidelines for the Operations of Agent Banking in Nigeria, issued on October 6, 2025, take effect from the date of the release, consolidate, and replace all previous rules on agent banking and super-agent licensing.
The new framework underscores the CBN’s push to enhance financial inclusion while tackling fraud and service inconsistency in Nigeria’s booming PoS industry, which has over 8.36 million registered PoS terminals, with 5.90 million actively deployed, as of March 2025, according to the Nigeria Interbank Settlement Scheme (NIBSS).
However, the latest guidelines have extended the deadline to April 1, 2026. The extension gives breathing space but does not soften the threat.
Read also: CBN limits daily cash withdrawals via agent banking to N100,000
Here are 10 key things every PoS agent should know:
Exclusive partnership rule
Agents can now operate for only one principal financial institution at a time. This means a PoS agent cannot serve multiple banks or fintechs simultaneously.
Mandatory dedicated accounts
All transactions must pass through a dedicated agent account or wallet with the principal bank. Any operation outside this account is considered a violation and could lead to blacklisting or termination.
Transaction limits enforced
The CBN has capped PoS cash-out transactions at N100,000 per customer daily, N500,000 weekly, and N1.2 million cumulative per agent daily. Deposits and bill payments are also limited to N100,000 per transaction daily and N500,000 weekly.
Read also: CBN sets new guidelines for Interbank FX trading via EFEMS
Stricter due diligence and eligibility
Individuals below 18 years old, those with non-performing loans, criminal records, or blacklisted bank verification numbers (BVNs) are barred from becoming agents. Businesses must show proof of incorporation, tax compliance, and adequate capital.
Real-time transactions and geo-fencing
Every PoS terminal must process real-time transactions and be geo-fenced to the registered agent’s location. Devices cannot be moved or shared without formal approval from the principal.
Mandatory training for agents
Agents must undergo biannual training covering know your customer (KYC) rules, fraud prevention, customer service, and financial literacy before and during operations. This is compulsory for both individuals and non-individual agents.
Consumer protection and transparency
Agents must issue receipts for every transaction, clearly display their principal’s name, approved charges, and contact numbers. They must also inform customers that services are “subject to fund availability.”
Read also: Five things you should know about the new CBN guidelines for BDCs
Report to the regulatory body
Ensure that all daily transactions per agent, including withdrawals, limits of transactions, and balances in dedicated agent accounts, are sent electronically to NIBSS, as a report to be forwarded to the CBN.
Relocation of agents
No Agent shall relocate from, transfer, or close its Agent banking premises without prior notice and approval of the Principal. An Agent who wishes to relocate from its premises shall notify in writing the Principal and Super Agent (as applicable) of its intention to relocate, transfer, or close the Agent banking premises at least thirty (30) days or such other period as may be agreed upon in the Agent Banking Agreement.
Heavy sanctions for violations
Fines range from N2 million to N20 million for infractions such as non-compliance, false reporting, branding violations, or operating without a valid licence. Persistent offenders risk suspension or licence revocation.
