The Central Bank of Nigeria (CBN) has imposed a N20 million fine on any super agent, financial institution, or entity that alters its ownership structure without securing prior approval from the apex bank.
This sanction, contained in the Guidelines for the Operations of Agent Banking in Nigeria issued in October 2025, is part of measures put in place by the CBN’s efforts to tighten regulatory compliance across the fast-growing agent banking ecosystem.
According to the document, any super agent or financial institution found guilty of changing ownership, undergoing an acquisition, or executing a merger without the CBN’s authorisation will face “a fine of not less than N20,000,000 for the offence and N500,000 for each day that the default continues.”
Under the new framework, the CBN will also impose additional fines for a range of infractions, including operating without a valid licence, engaging in non-permissible banking activities, late rendition of returns, and failure to obtain regulatory “No Objection” prior to key business changes.
The guidelines state that operating without a valid super agent licence attracts a minimum penalty of N10 million, while failure to obtain CBN approval for specified activities draws a fine of N2 million for both the financial institution and each of its responsible directors.
While the guidelines take immediate effect, certain provisions, particularly those concerning agent location and exclusivity, will be enforced from April 1, 2026. Also, agents engaged in non-permissible agent banking activities will face fines starting from N5 million, daily penalties of N100,000, and may be required to forfeit any estimated profits gained from such activities.
Branding and advertising practices that contravene the guidelines will attract fines of no less than N2 million and an extra N50,000 for each day the violation continues. Failing to obtain CBN approval or a No Objection Letter when required will result in a N2 million fine imposed on the financial institution, with the same amount levied on each responsible director or senior management staff member.
Institutions that delay the submission of required periodic returns will incur fines starting at N2 million, in addition to N250,000 for each day of delay. Providing false or inaccurate information to the CBN will attract a minimum fine of N5 million, alongside the potential suspension or removal of the involved directors by the CBN Governor.
Failure to maintain proper accounting records will incur a minimum fine of N5 million for the financial institution. Where the breach is deemed wilful, the responsible officer will face an additional fine of N2 million.
Not responding to non-statutory CBN information requests within the prescribed period and format could result in fines of up to N5 million and an additional N100,000 per day until compliance is achieved.
In addition to the headline offence, changing a business name, corporate brand identity, or logo without the CBN’s approval or using names not previously approved will draw a fine of no less than N5 million, along with a mandatory reversion to the approved identity and a daily penalty of N100,000 for continued non-compliance.
Violations of anti-money laundering (AML), combating the financing of terrorism (CFT), and countering proliferation financing (CPF) laws will attract a N10 million fine from the financial institution and N2 million from each board member involved. Additional penalties may follow under the CBN’s 2018 AML/CFT/CPF administrative sanctions regulations.
Where fraud or related offences occur, financial institutions are required to assist law enforcement agencies with investigations and prosecutions. If an agent is found to be involved, the principal institution must immediately suspend the agent pending the outcome of investigations and blacklist the agent if convicted.
Failure by principals or Super Agents to implement control measures such as geo-locking equipment used in agent banking will attract a minimum fine of N5 million, plus a daily penalty of N300,000 for the duration of non-compliance.
