Lagos, Nigeria – Gist get as e be! Na the Central Bank of Nigeria (CBN) don hammer new rules for agent banking wey go change wetin we sabi about cash transactions. As dem talk now, customers no fit withdraw or deposit past N100,000 daily, and weekly na N500,000 per person. Dem dey try reduce risk wey dey follow cash handling and make sure everybody fit enjoy better financial services.
On October 6, 2025, CBN drop the circular wey carry the reference number PSP/DIR/CON/CWO/001/049. Dem call am ‘Guidelines for the Operations of Agent Banking in Nigeria.’ Na Musa I. Jimoh, wey be the director of Payments System Policy Department, sign the circular. E no dey go easy for agent wey dey try hustle for cash, as dem dey limit the cash wey each agent fit transaction to N1.2 million per day. Na serious matter be this!
Dem also announce say, from April 1, 2026, dem go implement agent location and exclusivity provisions, wey mean say agents no fit just waka go anywhere to do their business. Dem must collect approval, sharp sharp, before dem fit move their shops or do any big relocation!
For dem to control the wahala wey fraud dey cause, all transactions wey any agent dey run must go through dedicated accounts. If dem no follow this rule, wahala go gas! Dem fit face sanctions, and anybody wey involved for any fraudulent activity go dey personally liable. This na some heavy wahala wey fit lead to blacklisting or wey fit scatter the agent’s business.
For public transparency, financial institutions wey employ these agents must showcase them on their websites and show dem for their branches every time. Super agents no fit operate without at least 50 agents spread across different geopolitical zones. This one go help make sure say financial services reach everybody, especially those wey dey underserved.
CBN dey serious about this new framework; dem don make sure say all PoS devices must be geo-fenced. If you no dey on your land, you no fit do business. So, every transaction must now happen in real-time, all these systems must fit transmit data securely and also ensure that reversals no take time.
As CBN dey ensure say dem correct all transaction limits for future, e mean say we go still dey hear more updates as dem dey monitor the agent banking sector. Abeg, make you no stress out. Just prepare for these new rules, and make sure say your transactions fit follow the guidelines.
It clear say the CBN wan make sure say agent banking sector dey secure and everybody fit enjoy the benefits wey e dey bring. So, as dem dey flex these regulations, make we dey do our own part to protect our pockets!
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