The Central Bank of Nigeria (CBN) has released an updated framework governing agent banking operations, marking a significant shake-up in how Point-of-Sale (PoS) agents and super agents operate across Nigeria.
The document titled “Guidelines for the Operations of Agent Banking in Nigeria,” issued on October 6, 2025, takes effect immediately.
It consolidates and replaces all previous rules on agent banking and super-agent licensing.
New rules for PoS operation in Nigeria
The apex bank said the new framework aims to deepen financial inclusion, improve service standards, and curb fraud in Nigeria’s rapidly expanding PoS ecosystem, Punch reports.
PoS operators must now operate with one terminal
The CBN now allows agents to use only one financial institution at a time, meaning no more multi-bank or multi-fintech operations.
The agent must choose one of Opay, Moniepoint, Palmpay, Kuda, among others.
Mandatory dedicated accounts
Agent banking transactions shall be conducted through a dedicated account or wallet with the Principal for enhanced visibility. Payment terminals, such as PoS devices deployed to the agent, shall be linked only to the dedicated agent account or wallet.
The CBN stated that any agents operating outside this account constitute a violation and may lead to blacklisting or termination.
Cash withdrawal limit
The CBN also placed a limit on PoS cash withdrawal transactions, with a daily limit at N100,000 per customer, a weekly limit of N500,000, and a cumulative daily limit of N1.2 million per agent. While Deposits and bill payments are similarly limited to N100,000 per transaction daily and N500,000 weekly.
Debtors not allowed in agent banking
The apex bank also stated that individuals under 18 are not permitted in agent banking, and debtors with non-performing loans, criminal records, or blacklisted BVNs are disqualified. Additionally, businesses must demonstrate tax compliance, provide incorporation documents, and have sufficient capital to qualify.
Real-time transactions and geo-fencing
Every PoS terminal will only be allowed to process transactions in real time and remain geo-fenced to its registered location. Movement or sharing of devices requires prior written approval from the principal institution.
Agents training compulsory
Agents are required to undergo biannual training on Know Your Customer (KYC) procedures, fraud prevention, financial literacy, and customer service.
Consumer protection and transparency
Agents must display their principal’s name, approved transaction fees, and contact details. Receipts must be issued for every transaction, and customers must be informed that all services are subject to the availability of funds.
Mandatory reporting
All agents must submit daily transaction reports, including withdrawals, transaction limits, and balances, electronically to NIBSS, which will forward them to the CBN for oversight.
Relocation policy
Agents cannot relocate, transfer, or close their business premises without giving at least 30 days’ written notice and obtaining approval from their principal or super agent.
Heavy sanctions for violations
Non-compliance with any of the rules will attract fines ranging from N2 million to N20 million, depending on the severity of the infraction. Also, offenders risk suspension or outright revocation of their licences.
