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.
The directive outlines several mandatory disclosures, including:
The CBN emphasized that it reserves the right to request additional information on any aspect of agent banking operations as deemed necessary.
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.
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.
The circular also reaffirmed the daily transaction limits introduced in December 2024:
These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework.
The CBN has been taking steps to tackle fraud and ensure regulators can monitor transactions more effectively.
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.