Financial institutions must maintain transparency in agent deployment. Principals are required to publish updated lists of all their agents on their official websites. Each branch of a Principal institution must display the list of agents operating within its locality. Furthermore, any institution operating as a Super Agent must have at least 50 active agents spread across Nigeria’s six geopolitical zones.
The CBN also emphasised that all agent banking transactions must be conducted through a dedicated account or wallet with the Principal. Payment terminals such as PoS devices must be linked exclusively to these accounts. Agents operating outside of this arrangement will violate the guidelines. The agent, in such cases, shall be held personally responsible for any misconduct, and such actions may serve as grounds for contract termination and regulatory sanctions.
On the issue of enforcement, the CBN stated that it may take corrective action against any Principal or Super Agent whose agents repeatedly breach regulations. These actions may include blacklisting from participating in agent banking services. In situations deemed appropriate by the regulator, the CBN may also issue direct instructions for remedial measures to be taken by the Principal or the agents concerned.
The guidelines also include provisions for technology standards. The CBN mandates that all technological systems used in agent banking must ensure secure transmission of transaction data and seamless interoperability with the national payments infrastructure. Customers must receive immediate value for transactions, and in the event of a failed transaction, reversals must be processed without delay. All successful transactions should generate receipts or acknowledgements for customer records.
Agent banking platforms must automatically enforce daily transaction limits and reject unauthorised or suspicious transactions. There must be real-time monitoring of transactions, electronic audit trails to support dispute resolution and oversight, and all settlement records must be stored for a minimum of five years or longer, as required by law. The systems must also be equipped with features that prevent agents from exceeding their permitted transaction limits.
The CBN reiterated its commitment to fostering an inclusive, secure, and efficient financial system. It urged all deposit money banks, other financial institutions, and payment service providers to comply strictly with the new guidelines. The apex bank added that it will continue to monitor the agent banking sector and issue further guidance as necessary to ensure alignment with its regulatory objectives.