The Central Bank of Nigeria (CBN) has released a revised operational framework for agent banking across the country, introducing new regulations aimed at improving transparency, consumer protection and financial inclusion within the system.
In a circular signed by Musa Jimoh, Director of the CBN’s Payment System Policy Department, the apex bank emphasized that the updated guidelines are designed to strengthen the integrity of agent banking operations, enhance service delivery and ensure the safety of customers’ funds.
Under the new framework, the CBN has set a daily transaction limit of ₦1.2 million per agent, a move intended to curb money laundering risks, monitor large transactions and promote accountability in financial service delivery.
Agent banking, an innovative financial model that allows licensed deposit-taking institutions and mobile money operators to provide services through third-party agents has become a key driver of financial inclusion in Nigeria, especially in rural and underserved communities.
The CBN reiterated its commitment to deepening financial access through safe and efficient payment systems while also warning that any breach of the new rules would attract regulatory sanctions
