Central Bank of Nigeria (CBN) has directed all commercial banks and relevant financial institutions to submit to it, monthly reports detailing the financial activities of their Point-of-Sale (POS) agents.
The aim is to strengthen oversight, improve transparency strengthen with a view to mitigating risks within Nigeria’s rapidly expanding agent banking ecosystem.
The directive was contained in a circular signed by the Director of the CBN’s Payments System Policy Department, Musa Jimoh. According to the circular, the reports must include comprehensive data on the nature, value, and volume of financial transactions discharged by the POS agents.
Parts of the apex bank’s release read “All returns submitted to the CBN shall be duly signed by the MD/CEO and the Chief Compliance Officer.”
The Central bank further 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 latest CBN’s directive is a reaffirmation of the daily transaction limits which was introduced in December 2024:
According to the directive, POS agents are restricted to a maximum of N1.2 million per day, while individual customers are limited to N100,000 daily financial transactions
The limits, according to financial regulators are put in place to amiliorate abuses, encourage financial integrity, while also protecting consumers within the banking agency framework.
