CBN sets a daily limit of 1.2 million transactions for POS agents, with a customer limit of ₦100,000 in new regulatory guidelines
The Central Bank of Nigeria (CBN) has launched a new operating guide for agency banking, setting a daily sales cap of 1.2 million daily transactions for each customer and limiting 100,000 limits for individual customers.
The revised framework signed by Musa Jimoh, director of payment systems management, was released on Monday to enhance oversight, enhance financial stability and protect consumers. The new rules will take effect immediately, and the guidelines and exclusivity regarding agent locations will be enforced from April 1, 2026.
According to the circular, all agency banking activities must now be conducted through dedicated accounts or wallets maintained by major financial institutions. Using non-specified accounts to perform such operations will attract regulatory sanctions.
Agents rule that FR@UD or misconduct will face fines, including blacklisting or contract termination. Financial institutions (called “Principals”) must also publish within their websites and branches and regularly update their list of registered agents.
To ensure wider coverage, super agents need to maintain at least 50 sub-agents distributed across six geopolitical regions in Nigeria. Agents are prohibited from relocating or closing their business premises without written approval and must display a 30-day notice prior to any relocation.
Now, all transactions must be conducted in real time using a secure, interoperable payment system to achieve instant settlement and reversal during system failures. Transaction receipts must show the name and location of the agent, while audit and settlement records must be kept for five years.
CBN said the transaction cap is designed to curb abuse, increase transparency and manage consumers in the banking network.
Financial institutions are now required to submit.
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