Guidelines for the Operations of Agent Banking in Nigeria

These guidelines are the current rulebook for agent banking in Nigeria, issued by the CBN on 6 October 2025 with an effective date of 1 April 2026. They expressly supersede the 2013 Guidelines for the Regulation of Agent Banking and Agent Banking Relationships in Nigeria and all prior agent-banking guidance. Agent banking, the delivery of financial services through third-party retail agents using POS terminals and mobile devices, is the backbone of last-mile financial inclusion in Nigeria, and the 2025 revision responds to rapid growth, fraud concerns and the dominance of a few large agent networks. The guidelines apply to all financial institutions (principals) that engage agents, to super-agents, and to the agents themselves. They set minimum standards for the agent relationship, including the contractual duties of principals, the due-diligence and approval process for agents, permissible and prohibited agent activities, and transaction and cash-out limits. Notable new requirements include card neutrality, principals must ensure that deployed POS terminals accept cards issued by all Nigerian banks, and the mandatory application of a dedicated agent transaction code (MCC 6010) so that agent activity can be identified and monitored. The guidelines tighten provisions on settlement, transaction monitoring, fraud prevention and consumer protection, including disclosure of charges, complaint handling and a requirement that customers not be charged unapproved fees. Principals retain full responsibility and liability for the acts of their agents, must maintain agent registers, and must report agent networks to the CBN. The CBN supervises through reporting, inspection and the power to sanction principals, super-agents and agents, including suspension or termination of agent arrangements. By raising standards on interoperability, traceability and accountability, the instrument reshapes the operating environment for Nigeria's very large agent-banking sector.

1. 1Supersedes the 2013 agent banking guidelines and all prior agent-banking guidance
2. 2Card neutrality: agent POS terminals must accept cards from all Nigerian banks
3. 3Mandatory agent transaction code (MCC 6010) for traceability of agent activity
4. 4Principals bear full liability for agents, must conduct due diligence, maintain agent registers and report networks to the CBN
5. 5Transaction/cash-out limits, settlement, fraud-monitoring and consumer-protection (fee disclosure, complaints) requirements
6. 6CBN enforcement via inspection, reporting and powers to sanction, suspend or terminate agent arrangements