Banking
CBN Limits PoS Agents’ Daily Transactions to N1.2m, Customers to N100,000
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has introduced new operational guidelines for agent banking across the country, limiting daily cumulative transactions per agent to N1.2 million and individual transactions at N100,000 per customer.
The revised framework, released on Monday, also mandates all financial institutions to submit monthly reports on the activities of their Point-of-Sale agents to enhance oversight and service quality.
The circular (PSP/DIR/CON/CWO/001/049), signed by the Director of the Payments System Management Department, Mr Musa Jimoh, aims to strengthen financial stability, promote inclusion, and protect consumers.
The circular, addressed to all deposit money banks, other financial institutions, and payment service providers, takes immediate effect, while provisions on agent location and exclusivity will become effective from April 1, 2026.
“The Central Bank of Nigeria, in furtherance of its mandate for the stability of the financial system and pursuant to its role in deepening the financial system, hereby issues the Guidelines for the Operations of Agent Banking in Nigeria.
“The guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in Agent Banking operations.
“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be with effect from April 1, 2026.
“All stakeholders are required to ensure strict compliance with the Guidelines and all other regulations, as the CBN continues to monitor developments and issue guidance as may be appropriate.”
The apex bank also directed that all agent banking transactions must be conducted through a dedicated account or wallet maintained by the principal financial institution to ensure transparency and better oversight.
The CBN warned that using non-designated accounts for agent operations would constitute a regulatory violation and attract sanctions with agents found guilty of misconduct, fraud, or related offences will be held personally liable and may be placed on industry watchlists or have their agreements terminated.
Principals, which are financial institutions, are now required to publish and regularly update the list of all their agents on their official websites and display them within their branches.
Super agents must have at least 50 agents distributed across the six geopolitical zones to ensure wider coverage and access to financial services in underserved areas.
The guidelines also stipulate that no agent can relocate, transfer, or close its banking premises without prior written approval from its principal or super agent.
The CBN also noted that a relocation notice must be displayed prominently at the business premises for at least 30 days to notify customers.
All agent transactions must now be conducted in real time using a secure, interoperable payment infrastructure while financial institutions are mandated to deploy technologies that enable instant settlements and immediate reversals in the event of system failure.
Transaction receipts must include the agent’s name and geographical coordinates, while audit trails and settlement records are to be preserved for at least five years to support regulatory oversight.
Although the new framework pegs the daily cumulative cash-out limit at N1.2 million per agent, the apex bank reserves the right to review the limit in line with the CBN Guide to Charges for Banks and Other Financial Institutions.
“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 intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.
Additionally, all devices deployed for agent banking must be geo-fenced or tagged to operate strictly within the registered location to prevent unauthorised mobile use.
Financial institutions are required to submit monthly returns to the CBN, detailing transaction volumes and values, incidents of fraud, the number of active agents, customer complaints, and training conducted, among other indicators.
“The monthly reports must include comprehensive data on the nature, value, and volume of transactions conducted by agents. Submissions are to be made no later than the 10th day of the following month,” it added.
The apex bank warned that it reserves the right to demand additional information, carry out inspections, or exercise direct supervisory powers over any agent or financial institution at any time.
Institutions that violate the guidelines risk administrative sanctions, suspension from onboarding new agents, blacklisting, removal of management officials, or licence revocation.
“The CBN may, in the event of a breach, invoke any or all sanctions against any defaulting participant in the agent banking system,” the circular read.
By Aduragbemi Omiyale
The board of Abbey Mortgage Bank Plc has been given the approval to raise additional capital aimed at helping the company achieve its next phase, which is centred on delivering seamless and digitally driven banking experiences that eliminate the traditional barriers to premier financial services.
At the 34th Annual General Meeting (AGM) of the lender on Monday, investors authorised the raising of up to N100 billion through an offer by way of issuance of shares (whether by rights issue and/or public offer), global depository receipts, commercial papers, loans, convertibles or non-convertibles, medium term notes, bonds, and/or any other instruments either as a stand-alone or by way of programmes, in such tranches, series or proportions, at such coupon or interest rates, within such maturity periods, and on such terms and conditions; including through book building process or such other processes all of which shall be as determined by the directors, subject to obtaining the approvals of relevant regulatory authorities.
The directors were also allowed to raise fresh equity capital of up to N65.547 billion by way of private placement of 26,562,647,265 ordinary shares of 50 Kobo each at N2.43 per share, subject to regulatory approvals.
In addition, shareholders approved the increase in the company’s issued share capital from N5,076,923,077 divided into 10,153,846,154 of 50 Kobo each to N18,358,246,709.50 by the creation of up to 26,562,647,265 ordinary shares of 50 Kobo each, such new shares to rank pari passu in all respects with the existing ordinary shares in the capital of the bank.
Addressing investors at the meeting, the chief executive of Abbey Mortgage Bank, Mr Mobolaji Adewumi, said, “Shaping the future means building a resilient institution that is as agile as it is reliable, while ensuring that every stakeholder benefits meaningfully from our growth and expansion.”
The company’s leadership also highlighted its strategic progress and strong corporate governance culture that positions the institution to deliver broader financial services and enhanced customer experiences.
The meeting also provided an opportunity to appreciate shareholders for their continued confidence, loyalty, and support, which have remained instrumental to its growth journey over the years.
By Aduragbemi Omiyale
The international spending limit on the GTBank Naira card has now been increased to $20,000 per quarter, a notice from the financial institution disclosed.
In an email message to customers sighted by Business Post on Tuesday, the lender said the Dollar limit is applicable to POS and online transactions carried out with the debit card.
The increase in the spending limit on the GTBank Naira card for offshore transactions comes as Nigeria continue to experience stability in the foreign exchange (FX) market.
A few years ago, Nigerians were unable to use their Naira cards to conduct financial transactions online for operations outside the country. This frustrated many consumers, who could not buy things online from other jurisdictions.
However, after some forex reforms by the Central Bank of Nigeria (CBN) under the leadership of Governor Yemi Cardoso, these restrictions were removed.
“The Dollar limit on your GTBank Naira Card is now $20,000 quarterly,” the notice read.
The increase in the spending limit to $20,000 per quarter will give GTBank Naira cardholders an opportunity to make more transactions online with ease, as before now, it was pegged at $15,000.
By Aduragbemi Omiyale
A new product known as Asset Financing Solution, tailored for those in the Nigerian transportation and logistics sector, has been introduced by a technology-enabled financial institution, FairMoney Microfinance Bank.
This initiative marks a significant expansion of FairMoney’s product ecosystem, moving beyond personal and working capital loans into commercial asset financing. By helping entrepreneurs build a verifiable credit history through vehicle repayments, the company is supporting financial inclusion and participation within the formal economy.
Asset Financing Solution forms part of the lender’s broader commitment to responsible lending and structured financing for eligible operators, as it expands access to asset financing for mobility entrepreneurs across the country through an application process subject to credit assessment and eligibility requirements.
The sector continues to record sustained market activity with reported growth rates of approximately 9.87 per cent–10.1 per cent in late 2025.
As road freight and passenger transport remain the nation’s dominant modes of transit, FairMoney’s new initiative aims to improve access to structured asset financing for thousands of transporters and delivery merchants. By providing access to business-use transport assets, the product helps address limited access to structured financing for micro-SMEs and supports activities within Nigeria’s logistics and mobility sector.
Mobility entrepreneurs seeking to acquire vehicles can now access flexible repayment plans through an application process that is subject to credit assessment and eligibility requirements.
Leveraging its technology-enabled onboarding and risk assessment capabilities, applicants can move through a structured onboarding and evaluation process.
Repayment structures are specifically tailored to the daily and weekly cash-flow realities of mobility businesses, supporting operational continuity and business growth within structured repayment arrangements.
The programme is open to eligible applicants via the FairMoney Business platform and through designated partner hubs across major cities.
“Our mission has always been to increase financial inclusion and create income opportunities by supporting individuals and small business operators in growing their businesses.
“With this solution, we are focused on supporting small business operators and mobility entrepreneurs who contribute significantly to transportation and commercial activity. The solution is designed to provide structured asset financing for eligible operators,” the Managing Director of FairMoney MFB, Mr Henry Obiekea, stated.
Speaking further, he said, “The intra-state transportation sector in Nigeria is experiencing sustained demand and market activity, offering opportunities for mobility and transport operators. The Asset Financing Solution ensures that costs are spread into manageable instalments, thereby supporting small business operations and broader economic participation.”
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