The Central Bank of Nigeria (CBN) has issued a directive requiring all financial institutions to submit detailed monthly reports on the activities of their Point-of-Sale (POS) agents.
The move is part of broader efforts to strengthen oversight, enhance transparency, and mitigate risks within Nigeria’s rapidly expanding agent banking ecosystem.
In a circular signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department, the apex bank stated that the reports must include comprehensive data on the nature, value, and volume of transactions conducted by agents.
Submissions are to be made no later than the 10th day of the following month.
Key Reporting Requirements
The directive outlines several mandatory disclosures, including:
- Incidents of fraud, theft, or robbery at agent locations
- Nature and number of customer complaints, along with remedial actions taken
- Classification of active agents into individual and non-individual categories
- Schedule of operational breaches and exceptions
- Full agent details including phone number, email, BVN, TIN, business address, state, and geopolitical zone
- Technical specifications of deployed electronic devices (e.g., terminal ID, OEM, serial number)
- Records of agent training on Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT), fraud detection, reconciliation, counterfeit identification, and customer service
- Documentation of on-site visits and any exceptions observed
The CBN emphasized that it reserves the right to request additional information on any aspect of agent banking operations as deemed necessary.
Compliance and Enforcement
All returns must be addressed to the Director of the Payments System Supervision Department (PSSD) and will be considered officially received only upon acknowledgment by the CBN. Furthermore, each submission must be duly signed by the institution’s Managing Director/Chief Executive Officer and Chief Compliance Officer.
“All returns submitted to the CBN shall be duly signed by the MD/CEO and the Chief Compliance Officer.”
The apex bank warned that “any report submitted later than ten working days after the end of the reporting period will be considered a breach of the guidelines and will attract regulatory sanctions”.
The directive takes immediate effect.
Transaction Limits Reaffirmed
The circular also reaffirmed the daily transaction limits introduced in December 2024:
- POS agents are restricted to a maximum of N1.2 million per day
- Individual customers are limited to N100,000 in daily transactions
These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework.
What You Should Know
The CBN has been taking steps to tackle fraud and ensure regulators can monitor transactions more effectively.
- In August, the apex bank issued a fresh directive mandating all participants in the country’s payment ecosystem to complete migration to the ISO 20022 messaging standard and implement mandatory geo-tagging of payment terminals by October 31, 2025.
- In a circular published on its official website, CBN reminded Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Mobile Money Operators (MMOs), Switching and Processing Companies, Payment Terminal Service Providers (PTSPs), Payment Solution Service Providers (PSSPs), Super Agents, and other licensed operators that ISO 20022 is now the global benchmark for payments messaging.
According to the document, the move aligns with SWIFT’s global migration timeline and is intended to standardise quality data across Nigeria’s financial system.
