E-Financial
CBN Releases New Guidelines, Caps POS Agent Daily Transactions at N1.2m
The Central Bank of Nigeria has introduced new operational guidelines for agent banking across the country, capping daily cumulative transactions per agent at N1.2 million.
The revised framework, released on Monday, also mandates all financial institutions to submit monthly reports on the activities of their Point-of-Sale agents to enhance oversight and service quality.
The circular (PSP/DIR/CON/CWO/001/049), signed by the Director of the Payments System Management Department, Musa Jimoh, aims to strengthen financial stability, promote inclusion, and protect consumers.
The circular, addressed to all deposit money banks, other financial institutions, and payment service providers, takes immediate effect, while provisions on agent location and exclusivity will become effective from April 1, 2026.
It read, “The Central Bank of Nigeria, in furtherance of its mandate for the stability of the financial system and pursuant to its role in deepening the financial system, hereby issues the Guidelines for the Operations of Agent Banking in Nigeria.
“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in Agent Banking operations.
“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be with effect from April 1, 2026.
“All stakeholders are required to ensure strict compliance with the Guidelines and all other regulations, as the CBN continues to monitor developments and issue guidance as may be appropriate.”
Under the new rules, all agent banking transactions must be conducted through a dedicated account or wallet maintained by the principal financial institution to ensure transparency and better oversight.
The CBN warned that using non-designated accounts for agent operations would constitute a regulatory violation and attract sanctions.
Agents found guilty of misconduct, fraud, or related offences will be held personally liable and may be placed on industry watchlists or have their agreements terminated.
Financial institutions, referred to as “principals”, are now required to publish and regularly update the list of all their agents on their official websites and display them within their branches.
Super agents must have at least 50 agents distributed across the six geopolitical zones to ensure wider coverage and access to financial services in underserved areas.
The guidelines also stipulate that no agent can relocate, transfer, or close its banking premises without prior written approval from its principal or super agent.
A relocation notice must be displayed prominently at the business premises for at least 30 days to notify customers.
All agent transactions must now be conducted in real time using a secure, interoperable payment infrastructure.
Financial institutions are mandated to deploy technologies that enable instant settlements and immediate reversals in the event of system failure.
Transaction receipts must include the agent’s name and geographical coordinates, while audit trails and settlement records are to be preserved for at least five years to support regulatory oversight.
The new framework pegs the daily cumulative cash-out limit at N1.2m per agent, although the apex bank reserved the right to review the limit in line with the CBN Guide to Charges for Banks and Other Financial Institutions.
“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,” it stated.
Additionally, all devices deployed for agent banking must be geo-fenced or tagged to operate strictly within the registered location to prevent unauthorised mobile use.
Financial institutions are required to submit monthly returns to the CBN, detailing transaction volumes and values, incidents of fraud, the number of active agents, customer complaints, and training conducted, among other indicators.
“The monthly 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,” it added.
The apex bank warned that it reserves the right to demand additional information, carry out inspections, or exercise direct supervisory powers over any agent or financial institution at any time.
Institutions that violate the guidelines risk administrative sanctions, suspension from onboarding new agents, blacklisting, removal of management officials, or licence revocation.
“The CBN may, in the event of a breach, invoke any or all sanctions against any defaulting participant in the agent banking system,” the circular read.
The apex bank said the new framework underscores its commitment to deepening financial inclusion, strengthening agent banking oversight, and building public confidence in Nigeria’s growing financial services ecosystem.
PalmPay, Nigeria’s leading digital banking platform, has once again demonstrated its leadership in driving the nation’s payment revolution. In a landmark development for Nigeria’s digital economy, PalmPay, in collaboration with Wema Bank, completed the first live transaction on the Nigeria Inter-bank Settlement System (NIBSS) National Payment Stack (NPS), a next-generation infrastructure designed to redefine how money moves across the country.
The first live transaction, which happened at exactly 11:56 am on Friday, November 7, 2025, marks a new era in Nigeria’s financial innovation journey and reinforces PalmPay’s role as a trusted pioneer in the payment ecosystem.
This achievement rides on the back of the brand’s growing reputation as a fintech innovator, following recent global recognitions as Financial Times Africa’s Fastest-Growing Companies 2025 and CNBC and Statista’s Top 300 Global Fintech Companies for two consecutive years (2024 and 2025) for its impact, scale, and commitment to inclusive growth across emerging markets.
A Milestone that Redefines the Future of Payments
The National Payment Stack (NPS), powered by NIBSS, builds on the success of the NIP infrastructure, introducing greater speed, interoperability and real-time settlement across the financial ecosystem. Designed to meet international standards, NPS enhances cross-border payment capabilities while introducing more advanced security features, including digital signatures and multi-factor authentication to safeguard users and institutions.
Beyond its technical advancements, the National Payment Stack (NPS) sets a new benchmark for Nigeria’s leadership in Africa’s finance landscape. Through the ISO 20022 global messaging standards, Nigeria is now positioned as a regional hub for seamless and secure cross-border transactions.
Commenting on the landmark achievement, the Managing Director/Chief Executive Officer of the NIBSS, Premier Oiwoh, said: “We commend PalmPay for this historic achievement as one of the key collaborators in executing the first successful transaction on the National Payment Stack (NPS). This milestone reflects our shared
commitment to advancing a faster, safer and more interoperable payment ecosystem for Nigeria. The NPS represents the next frontier of innovation designed to power inclusion, efficiency and growth across the financial industry. We look forward to more institutions coming on board as we collectively shape the future of payments in Nigeria and across Africa.”
Also speaking, Jaipei Yan, Group Chief Commercial Officer at PalmPay, stated, “This achievement is a win for Nigeria and Nigerians. PalmPay is all about providing smarter banking solutions. Since our launch six years ago, we have focused on bridging the gap between innovation and everyday financial inclusion. It was an absolute delight to work with NIBSS and other stakeholders on this remarkable milestone.”
By pioneering this milestone, PalmPay not only strengthens its credibility but also reinforces its alignment with the Central Bank of Nigeria’s drive toward a digital, connected economy. From ranking among the world’s leading fintech brands to executing Nigeria’s first live transaction on a national payment infrastructure, PalmPay is proving that innovation, when purpose-driven, can transform economies.
Looking ahead, PalmPay aims to accelerate its vision of a connected, digital, and financially inclusive Africa, combining global standards with local relevance to build technology that truly empowers people and businesses.
Senate has requested the Central Bank of Nigeria (CBN) and the Federal Inland Revenue Services (FIRS) to provide detailed information on revenue generated from Stamp Duty payments.
Sen. Aliyu Wadada, chairman of the Senate Committee on Public Accounts, made this known while briefing newsmen in Abuja on Thursday, according to the News Agency of Nigeria (NAN).
Wadada said the investigation is aimed at ensuring that the government maximises its revenue from the stamp duty, which according to him is a significant source of income for the country.
He said the committee had written to all commercial banks to furnish it with information, accompanied with figures as to how much that particular bank or collectively all the commercial banks have been able to generate from 2016 to 2024 as Stamp Duty Revenue.
He said, “It is of course, by law, expected that whatever these commercial banks put together as revenue from Stamp Duty, charged by the banks, is or are supposed to be remitted to the CBN.
“So, the committee has written to the CBN to furnish it with information, accompanied with figures as to how much has actually been remitted by these commercial banks with CBN and how much the CBN has remitted to the TSA.
“The second category is of course limited liability companies and oil and gas companies. They also charged Stamp Duty like commercial banks. The committee has also written to them.
“This committee has also written to the FIRS for it to furnish the committee with information that should also be accompanied with figures as to how much FIRS has generated on this category of Stamp Duty.”
Wadada said given the need to make the exercise all-encompassing, the committee had also written the Nigerian Governors Forum (NGF) to also provide information on how much they have received as proceeds of Stamp Duty.
He said given the effort and commitment of President Tinubu’s administration to providing needed infrastructure, concerted efforts should be made to ensure generation of revenue and its effective utilisation for the good of Nigerians.
Commercial banks have asked customers to link their accounts to their national identification numbers (NINs) or tax identification numbers (tax IDs) ahead of the implementation of the new tax laws.
In separate notices to customers, the banks said the new laws require all bank accounts to be linked to a tax ID before the effective date.
The financial institutions said customers without a tax ID are required to link their accounts to an NIN.
In a notice, Fidelity Bank stated that under the Nigerian Tax Administration Act (NTAA) 2025, all bank accounts must be linked to a tax ID or NIN by January 1, 2026.
“This implies that accounts without Tax ID or National Identity Number may be restricted from transacting as from January 1, 2026,” the bank said.
“To ensure your account remains accessible, please update your NIN on your account as soon as possible.
“Please use any of the options below to submit your NIN today: Click HERE or visit the NIN portal on our website. Dial *770*02# and follow the prompts.”
Similarly, Ecobank urged its customers to link their NINs on or before November 13, 2025, warning that failure to comply would result in restrictions being placed on accounts.
“You can easily link your NIN and update your account details through the Ecobank Customer Information Portal at https://customerupdate.ecobank.com/ciu/login by following these steps: select update your account details, enter your account number,” Ecobank said.
“Choose your preferred OTP delivery method, select request type and choose NIN updates, input your NIN, then re-enter it for VNIN (verification), click submit to complete the process.
“Alternatively, you may contact your relationship manager or visit the nearest Ecobank branch.”
On September 9, 2025, the federal government gazetted Nigeria’s new tax reform laws, with the implementation set to begin on January 1, 2026.
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