The Central Bank of Nigeria has directed all financial institutions to submit detailed monthly reports on the operations of their Point-of-Sale agents.

The directive aims to boost oversight, improve transparency, and reduce risks within Nigeria’s rapidly growing agent banking sector.

In a circular signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department, the apex bank specified that the reports should provide comprehensive information on the type, value, and volume of transactions carried out by agents.

Submissions are to be made no later than the 10th day of the following month.

The directive requires financial institutions to disclose:

Incidents of fraud, theft, or robbery at agent locations

The nature and number of customer complaints, along with remedial actions taken

Classification of active agents into individual and non-individual categories

A schedule of operational breaches and exceptions

Full agent details, including phone number, email, BVN, TIN, business address, state, and geopolitical zone

Technical specifications of deployed electronic devices, such as terminal ID, OEM, and serial number

Records of agent training on Anti-Money Laundering, Counter-Financing of Terrorism, fraud detection, reconciliation, counterfeit identification, and customer service

Documentation of on-site visits and any exceptions observed.

The CBN emphasized that it reserves the right to request additional information on any aspect of agent banking operations as it deems necessary.

All reports must be submitted to the Director of the Payments System Supervision Department (PSSD) and will be considered officially received only upon acknowledgment by the CBN. Each submission must also be duly signed by the institution’s Managing Director/Chief Executive Officer and Chief Compliance Officer.

“All returns submitted to the CBN shall be duly signed by the MD/CEO and the 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 apex bank stated.

The circular also reaffirmed the daily transaction limits introduced in December 2024:

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 designed to prevent misuse, strengthen financial integrity, and safeguard consumers within the agent banking ecosystem.

The CBN has continued to implement measures to combat fraud and enhance regulatory oversight of transactions.