The Central Bank of Nigeria (CBN) has unveiled new operational guidelines for agent banking, introducing a ₦1.2 million daily transaction cap per Point-of-Sale (POS) agent and a ₦100,000 daily limit for individual customers, the apex bank announced on Monday.
The new rules, aimed at strengthening financial security and improving risk management in the sector, are part of the CBN’s broader effort to enhance the integrity and efficiency of Nigeria’s digital financial system. According to the central bank, the measures will help curb fraud, limit systemic exposure, and ensure responsible use of agent banking channels.
Under the revised framework, each POS agent will be permitted to process transactions up to a maximum of ₦1.2 million per day, while individual customers are restricted to a daily transaction threshold of ₦100,000 across all agent banking platforms. The policy also provides for monitoring and reporting of transactions that approach or exceed these limits.
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The CBN emphasized that the guidelines are intended to balance convenience for users with the need for robust oversight. “Agent banking has become a critical component of Nigeria’s financial inclusion strategy,” the bank stated. “These measures are designed to safeguard both customers and agents while promoting sustainable growth in the digital payments ecosystem.”
Financial analysts have welcomed the move, noting that it may reduce incidents of fraud and increase confidence among users of agent banking services. “By capping transactions, the CBN is effectively mitigating risks associated with large-volume transfers through agents, which is a positive step for the sector,” said a banking industry expert.
The new guidelines also underscore the apex bank’s commitment to expanding financial inclusion across Nigeria, particularly in rural and underserved areas. Agent banking has been instrumental in extending banking services to communities where traditional bank branches are limited, allowing users to perform deposits, withdrawals, and fund transfers conveniently.
CBN officials further clarified that the new limits are part of ongoing efforts to harmonize agent banking operations with broader monetary and regulatory policies. Banks and financial institutions are expected to implement these guidelines immediately and ensure compliance among all agent banking networks.
The central bank has assured stakeholders that it will continue to review operational frameworks for agent banking to adapt to emerging trends in digital finance, while also protecting consumers and maintaining stability in the financial system.