The Central Bank of Nigeria (CBN) has limited Point of Sale (PoS) agents to a maximum daily transaction value of ₦1.2 million, while individual customers can withdraw or deposit up to ₦100,000 per day under a new regulatory framework for agent banking operations.
The directive, signed by Musa Jimoh, Director of the Payments System Policy Department, was issued to all banks, financial institutions, and payment service providers. The policy takes immediate effect, while provisions related to agent location and exclusivity will be enforced from April 1, 2026.
“POS agents are restricted to a maximum of ₦1.2 million per day. Individual customers are limited to ₦100,000 in daily transactions. These limits are intended to curb misuse, enhance financial integrity, and protect consumers,” the circular stated.
The CBN added that transaction limits could be reviewed periodically in line with the Guide to Charges for Banks and Other Financial Institutions in Nigeria.
Geo-Tagging and Operational Restrictions
All agent transactions must now be conducted through dedicated accounts or wallets maintained by their parent financial institutions. The CBN prohibited the use of non-designated accounts for agent operations, warning that violations will attract sanctions.
Agents must also operate strictly from registered, geo-fenced locations. The bank has directed that all PoS devices be geo-tagged — a process of embedding geographic data such as latitude and longitude — to enable transaction traceability and reduce fraud.
This follows an earlier directive issued on August 25, 2025, mandating all PoS terminals to be geo-tagged within 60 days, with a compliance deadline of October 20, 2025.
The apex bank noted that the move was necessary due to the surge in fraudulent PoS activities across the country.
Eligibility and Integrity Checks
The CBN has also introduced stricter eligibility requirements for PoS operators. Individuals or companies with non-performing loans in the past 12 months, blacklisted BVNs, or those convicted of financial crimes are now barred from operating as agents.
Agents found guilty of misconduct or fraud will be personally liable and may face termination or placement on an industry watchlist. Persons declared bankrupt or companies under insolvency proceedings are also disqualified.
Operational Standards and Transparency
Super agents — entities licensed to oversee multiple PoS agents — must now operate with a minimum of 50 agents across Nigeria’s six geopolitical zones to ensure wider access to financial services.
Financial institutions are required to publish and regularly update the list of their registered agents on their websites and display them in their branches.
Agents are prohibited from relocating, transferring, or closing business premises without written approval from their principal or super agent. Any planned relocation must be publicly displayed at least 30 days in advance to inform customers.
The CBN said the revised framework aims to strengthen oversight, promote transparency, and safeguard consumer trust in Nigeria’s rapidly expanding digital payments ecosystem.
