The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has said the new Central Bank of Nigeria (CBN) regulations are reshaping the rapidly expanding agent banking sector, generating unease among operators.
AMMBAN, at its National Conference held in Gombe, marking its 10th anniversary, emphasised that the reforms, though necessary for security and transparency, are imposing fresh burdens on thousands of small and mid-level agents.
The officials explained that the new rules on agent registration, geo-tagging of POS terminals, transaction monitoring and broader risk-management obligations have triggered significant adjustments within the industry.
Acting national president of AMMBAN, Dr. Obioha Oti, said the association fully supports the CBN’s renewed emphasis on transparency and system integrity, but he stressed that the transition has been difficult for many agents working with limited capacity.
He said while effective supervision is vital for public trust, the implementation approach must reflect operational realities across urban and rural Nigeria, calling for sustained engagement between regulators and industry players, noting that flexible, phased mechanisms would help operators comply without jeopardising their livelihoods.
Speakers recalled how small kiosks and shopfronts became financial service points that shortened travel time, reduced queues in banks and connected underserved communities to the formal financial system, making the sector indispensable to Nigeria’s financial inclusion drive.
Board of Trustees Chairman, Victor Olojo, reinforced that the regulatory changes should strengthen rather than strain the industry.
He noted that the POS terminals remain the backbone of financial inclusion, stressing that regulations must therefore strike a balance between protecting the system and safeguarding the viability of the individuals who keep it running.
Conference Committee Chairman, Yusuf Adeyemo commended support from sponsors including Moniepoint, Wema Bank, and others, highlighting this year’s special focus on empowering women as over 100 AMMBAN members are expected to receive grants through Wema Bank’s SARA Women programme.
