CBN Tightens Agent Banking Rules for Better Financial Inclusion
The Central Bank of Nigeria (CBN) has introduced new balance guidelines for agent banking, aiming to enhance regulation, boost financial inclusion, and improve service quality. The updates include stricter rules for agents and principals, as well as changes to POS operations.
All agent transactions must now be conducted through a dedicated account or wallet with their principal institution. Agents are required to maintain records of all transactions and report any suspicious activities to their principals. The CBN can directly request records from agents at any time, ensuring transparency and accountability.
Nigeria currently has 8.36 million registered POS terminals, with 5.90 million actively in use as of March 2025. To further regulate this sector, the CBN has set new daily withdrawal limits of ₦1.2 million ($816.18) for banking agents. Starting April 1, 2026, POS agents must be exclusive to one principal, promoting fairness and preventing agents from working with multiple principals simultaneously.
Principals are now required to publish an updated list of their agents with locations on their cnn websites. Violations of these new guidelines could result in severe penalties, including termination, blacklisting, or prosecution.
The CBN's new guidelines aim to strengthen the agent banking sector, fostering a more inclusive and secure financial environment. With improved regulation and exclusive agent-principal relationships, Nigeria's financial landscape is poised for enhanced stability and growth.
Read also:
- State Supreme Court Rules in Favor of Hogg Hummock Residents, Referendum on Zoning Change to Proceed
- Germany's Coalition Explores Social Security Reforms Amid Record Spending
- Hundreds of Steelworkers and Metalworkers Protest in Duisburg for 4% Pay Hike
- chaos unveiled on Clowning Street: week 63's antics from 'Two-Tier Keir' and his chaotic Labour Circus
