To tighten oversight and protect customers from fraud, the Central Bank of Nigeria (CBN) has directed all Point-of-Sale (POS) operators and banking agents in the country to operate dedicated accounts or wallets solely for agent banking transactions.
The directive, contained in the newly released Guidelines for the Operations of Agent Banking in Nigeria (October 2025), also empowers the apex bank to impose stiff sanctions, including blacklisting, license suspension, and fines, against institutions or agents found violating the new rules.
According to the document, the new requirement aims to strengthen oversight, ensure transaction traceability, and protect customers from fraud and misuse of funds. CBN Director, Payment System Policy, Musa Ibrahim, in a circular to all deposit money banks, other financial institutions and payment service providers, said the guideline was issued in furtherance of its mandate for the stability of the economic system and pursuant to its role in deepening the financial system.
He noted that the guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhance agent banking to provide financial services and promote financial inclusion, encourage responsible market conduct, and improve service quality in Agent Banking operations.
The guidelines, which take effect immediately, are dated October 6, 2025. They read, “Agents shall maintain a dedicated account or wallet for agent banking transactions only. Any transaction conducted outside the dedicated account or wallet shall be regarded as violating these Guidelines.”
The apex bank further emphasised that financial institutions are responsible for ensuring that their appointed agents comply fully with the requirement, adding that non-compliance would be treated as a breach of regulatory standards.
To reinforce discipline and accountability, the guideline stated that the CBN may impose monetary penalties, suspend the operation of an agent, revoke approval, or blacklist agents and their principals for non-compliance.
“Where a principal fails to take remedial action against an erring agent, the Bank may impose additional sanctions, including the suspension or revocation of the principal’s licence to operate agent banking services.”
The CBN also noted that the sanctions would extend to agents who engage in misconduct or fraudulent practices, stressing that blacklisted agents or super agents would be prohibited from operating in any financial institution in the country.
“The Bank shall maintain and publish a list of blacklisted agents and principals. Any person or institution blacklisted under these Guidelines shall not be permitted to operate as an agent or principal in the Nigerian financial system,” the guideline read.
