CBN Releases Regulatory Framework for Agent Banking in Nigeria

Image Credit: CBN

March 10, 2023/CBN


In exercise of the powers conferred on the Bank by Section 2 (d) of the Central Bank of Nigeria Act, 2007 and Section 57 (2) of the Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, 2004 to issue guidelines for the maintenance of adequate and reasonable financial services to the public, the Central Bank of Nigeria (CBN) hereby issues the Guidelines for Agent Banking in Nigeria to regulate the operation of agent banking in the country. 

Agent banking refers to the use of third parties for the provision of banking and other financial services to the public. It enables banks and other financial institutions extend their services to locations where they may not have physical presence. The agent banking initiative in Nigeria has proved to be a viable tool for achievement of the financial inclusion targets set for the country. 

Over the years, the agent banking initiative has resulted in the ubiquity of financial services agents across Nigeria, resulting in a significant and growing portion of financial transactions being conducted through the agents. This has necessitated the review of agent banking regulations to streamline activities in agent banking while ensuring that appropriate risk mitigation measures are taken by stakeholders. 


The Guidelines cover the operations of agent banking as well as the licensing of super agents, in Nigeria. 


These Guidelines provide minimum standards and requirements for the operation of agent banking in Nigeria, as well as the roles and responsibilities for stakeholders involved in agent banking in Nigeria. 

The objectives of the Guidelines are to: 

• Provide minimum standards and requirements for agent banking operations; 

• Enhance financial inclusion; and 

• Provide for agent banking as a delivery channel for offering banking services in a cost-effective manner.

Click here to read full PDF copy of Regulatory Frame Work for Agent Banking in Nigeria

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