The Central Bank of Nigeria (CBN) has directed all financial institutions to begin submitting detailed monthly reports on the activities of their Point-of-Sale (POS) agents as part of measures to strengthen oversight and ensure greater transparency within the country’s expanding agent banking network.
The directive was contained in a circular signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department, and circulated to all banks and licensed financial institutions.
According to the circular, institutions must provide comprehensive data on the nature, value, and volume of transactions conducted by their POS agents every month. The apex bank emphasized that each submission must be duly signed by the Managing Director/Chief Executive Officer (MD/CEO) and the Chief Compliance Officer of the reporting institution.
The CBN warned that any report submitted later than ten working days after the end of the reporting period would be deemed a breach of its regulatory guidelines and attract appropriate sanctions.
The circular further reaffirmed the daily transaction limits introduced in December 2024 to curb misuse and strengthen consumer protection within the agent banking framework. Under the current policy, POS agents are restricted to a maximum of ₦1.2 million in daily transactions, while individual customers are limited to ₦100,000 per day.
The CBN stated that these measures are designed to curb fraudulent practices, promote financial integrity, and ensure that the agent banking system continues to support financial inclusion without compromising regulatory standards.
Industry observers say the new directive underscores the CBN’s growing emphasis on transparency and compliance amid the rapid expansion of Nigeria’s digital payment and agent banking landscape.
