CBN Caps Daily POS Transactions at N1.2m, Sets Stricter Rules for Financial Institutions
In a major step toward strengthening Nigeria’s financial ecosystem, the Central Bank of Nigeria (CBN) has released a new set of operational guidelines for agent banking across the country, introducing fresh compliance measures, transaction limits, and stricter supervision of Point-of-Sale (POS) activities.
The revised framework, made public on Monday, seeks to deepen financial inclusion, safeguard consumers, and promote transparency in a rapidly expanding segment of Nigeria’s payment system. The circular, signed by the Director of the Payments System Management Department, Musa Jimoh, and addressed to all deposit money banks, other financial institutions, and payment service providers, takes immediate effect. However, certain provisions relating to agent location and exclusivity will become effective from April 1, 2026.
According to the document, each agent is now restricted to a cumulative daily transaction limit of N1.2 million, while individual customers cannot carry out more than N100,000 worth of transactions per day. The CBN noted that these limits are designed to curb misuse, enhance financial integrity, and protect consumers from fraud or abuse.
Under the new rules, all agent transactions must be conducted through a dedicated account or wallet maintained by the principal financial institution, ensuring full transparency and easier oversight. The apex bank cautioned that the use of non-designated accounts for agent operations would constitute a regulatory violation and attract sanctions.
To improve accountability, financial institutions—referred to as “principals”—must now publish and regularly update the list of all registered agents on their websites and display such lists prominently within their branches. Furthermore, “super agents” are required to maintain at least 50 agents spread across Nigeria’s six geopolitical zones to promote wider access to financial services, especially in underserved areas.
The framework also mandates that all transactions be carried out in real time using secure, interoperable payment systems. Institutions are expected to deploy technologies that allow for instant settlements and immediate reversals in the event of system failures. In addition, every transaction receipt must display the agent’s name and geographical coordinates, while records and audit trails are to be preserved for at least five years for regulatory purposes.
To further strengthen oversight, the CBN has made it compulsory for financial institutions to submit monthly reports detailing transaction volumes and values, fraud incidents, customer complaints, and training activities. These reports must be submitted no later than the 10th day of the following month.
The new framework also imposes stricter conditions on agent operations. No agent is allowed to relocate, transfer, or close its business premises without prior written approval from its principal or super agent, and any relocation notice must be displayed for at least 30 days before taking effect.
All agent banking devices are to be geo-fenced to prevent unauthorised mobility, and agents found guilty of fraud or misconduct may be blacklisted, placed under industry watchlists, or have their contracts terminated.
Institutions that breach the guidelines risk heavy administrative sanctions, including suspension from onboarding new agents, blacklisting, removal of management officials, or even licence revocation.
The CBN emphasized that the revised guidelines underscore its commitment to ensuring stability in the financial system while promoting trust in Nigeria’s fast-growing digital payments landscape.
“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in Agent Banking operations", the apex bank stated.
With the tightening of operational standards, the CBN hopes to balance growth in agent banking with stronger oversight, improved service delivery, and long-term sustainability of Nigeria’s financial inclusion drive.