In a decisive move to reinforce Nigeria’s fast-evolving financial ecosystem, the Central Bank of Nigeria (CBN) has issued comprehensive Guidelines for the Operations of Agent Banking in Nigeria, a policy aimed at expanding access to financial services, ensuring market discipline, and promoting sustainable inclusion across the country.
The circular, signed by Mr. Bello, Musa I. Jimoh, Director of the Payments System Policy Department, dated October 6, 2025, underscores the CBN’s ongoing commitment to modernizing the national payments landscape and aligning with global standards in digital financial services.
According to the statement, the new framework “establishes minimum standards for operating agent banking in Nigeria, enhances service delivery, promotes responsible market conduct, and improves the quality of services rendered by banking agents nationwide.”
The CBN noted that agent banking — an innovative model that allows licensed financial institutions and approved payment service providers to offer basic banking services through third-party agents — remains one of the most effective tools for bridging the gap between the banked and unbanked population. With millions of Nigerians still outside the formal financial system, this reform is expected to provide a stronger regulatory structure to support expansion, integrity, and consumer confidence.
While the circular takes immediate effect, the Bank clarified that specific operational provisions on agent location and agent exclusivity will commence from April 1, 2026, giving financial institutions adequate time to align their infrastructure, compliance mechanisms, and partnerships with the new directives.
The apex bank emphasized that Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), and Payment Service Providers (PSPs) must ensure strict adherence to the new rules and any related supervisory updates that may follow. The Bank also reaffirmed its commitment to continuous monitoring and periodic review of agent banking operations to ensure that they remain safe, efficient, and inclusive.
Reflecting on CBN’s steady push for financial inclusion over the years — from mobile money regulations and digital wallet innovation to the cashless policy and sandbox initiatives — the issuance of this new guideline marks yet another milestone in Nigeria’s journey toward a digitally inclusive economy. It represents a forward-thinking balance between innovation, consumer protection, and market stability.
As the financial landscape evolves rapidly, these guidelines not only strengthen the foundation of agent banking but also signal the CBN’s readiness to foster a robust, transparent, and resilient financial system capable of serving every Nigerian, from bustling cities to remote communities.
The Central Bank of Nigeria (CBN) has released new guidelines for agent banking operations to enhance financial inclusion, strengthen service standards, and ensure responsible market conduct nationwide.
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