CBN Caps Daily POS Agent Transactions at N1.2 Million in New Operational Guidelines

The Central Bank of Nigeria (CBN) has introduced new operational guidelines aimed at tightening oversight and enhancing service quality in agent banking nationwide. The key feature of this updated framework is the capping of daily cumulative transaction limits for each Point-of-Sale (POS) agent at N1.2 million. This limit applies to the total cash-out transactions a single POS agent can conduct in a single day. Additionally, individual customers engaging with POS agents are restricted to a daily transaction limit of N100,000 to curb misuse and bolster financial integrity.

The guidelines, outlined in circular PSP/DIR/CON/CWO/001/049 signed by the Director of Payments System Management, Musa Jimoh, require all agent banking transactions to be conducted through dedicated accounts or wallets maintained by the principal financial institution, ensuring transparency and consistent monitoring. The use of non-designated accounts for agent banking activities is now a regulatory violation that will attract strict sanctions.

Financial institutions, termed “principals,” must publish and regularly update the list of all their agents on their official websites and display them at branches, fostering transparency. The guidelines stipulate that super agents must have at least 50 agents strategically distributed across Nigeria’s six geopolitical zones to expand financial service reach, especially in underserved areas.

Agent relocation, transfer or closure of banking premises can only occur with prior written consent from the principal or super agent, and any relocation must be publicly announced at the business site 30 days before effect. Furthermore, devices deployed for agent banking must be geo-fenced to operate strictly within registered locations, preventing unauthorized mobile use.

Real-time processing is now mandatory for all agent transactions using a secure, interoperable payment infrastructure, with financial institutions required to implement instant settlements and immediate reversals when needed. Transaction receipts must carry the agent’s name and geographical coordinates, and audit trails must be retained for at least five years to support regulatory oversight.

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Monthly reporting duties have been introduced, requiring principals to submit detailed reports to the CBN by the 10th of each month on agent transaction volumes, fraud incidents, complaints, agent training, and active agents. Non-compliance with these guidelines risks severe penalties including suspension of agent onboarding, blacklisting, removal of management officials, or license revocation.

These measures underscore the CBN’s commitment to strengthening agent banking, protecting consumers, and advancing financial inclusion within Nigeria’s expanding digital financial services ecosystem. The new framework, effective immediately, will have certain provisions like agent location and exclusivity enforcement starting April 1, 2026.