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CBN Limits PoS Agents’ Daily Transactions to N1.2m, Customers to N100,000

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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.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Banking

Standard Bank Hosts 2nd African Markets Conference

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By Modupe Gbadeyanka

The second African Markets Conference (AMC) will take place in Cape Town, South Africa, from Sunday, February to Tuesday, February 24, 2026.

The event, hosted by Standard Bank, will bring together global institutional investors, sovereign wealth funds, and African policymakers to catalyse the flow of capital into the continent’s most critical sectors.

The theme for this year’s edition is Mobilising Global Capital at Scale for Africa’s Growth and Development.

AMC 2026 will host a high-level delegation of decision-makers, ensuring that the dialogue leads to tangible commitments.

The conference will be structured around five high-impact pillars designed to move the needle on investment, including prioritising infrastructure as an asset class, accelerating the energy transition, deepening African capital markets and mobilising private capital, enabling intra-African trade and flows of capital, and addressing Africa’s sovereign debt and cost sustainability.

It is estimated that by 2050, Africa will add one billion people, more than half in cities, yet it invests only $75 billion of the $150 billion it needs annually for infrastructure. Standard Bank aims to use AMC 2026 to ensure that African priorities remain at the centre of the global financial discourse.

“This year’s engagement bridges the gap between policy ambitions and market realities. Africa urgently needs practical measures to deepen capital pools, improve market liquidity, and strengthen regulatory frameworks that give investors the confidence to deploy capital at scale.

“Mobilising capital is not just about funding projects; it is about building the foundation of a more balanced and inclusive global economy,” the chief executive of Corporate and Investment Banking at Standard Bank Group, Luvuyo Masinda, stated.

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Banking

Fidelity Bank Shows Love to Ikoyi Correctional Centre Inmates

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By Aduragbemi Omiyale

Inmates at the Ikoyi Correctional Centre in Lagos were recently full of joy when Fidelity Bank Plc donated some relief items to them.

The financial institution, through its Corporate Social Responsibility (CSR) initiative known as Fidelity Helping Hands Programme (FHHP), handed over various household tools and gift items to the leadership of the correctional facility as part of its efforts to support the rehabilitation and development of indigent persons in society.

The Chief Human Resources Officer of Fidelity Bank, Mr Charles Nwachukwu, reaffirmed the bank’s deep commitment to transforming lives and restoring hope, emphasising that true progress lies not only in financial growth but in extending compassion and opportunity to those that society often overlooks.

“At Fidelity Bank, we believe that every individual deserves a second chance. Our approach to Corporate Social Responsibility is rooted in empathy, standing with communities, uplifting the vulnerable, and opening doors for brighter futures.

“By supporting inmates today, we are setting them on the true path of rehabilitation, empowering them to return tomorrow as productive and confident members of society,” the banker said.

The Deputy Controller of Corrections at Ikoyi Custodial Centre, Mr Julius Ogueri, who could not hide his excitement over the gesture, appealed to Nigerians to avoid cybercrimes and stigmatisation of ex-inmates.

Highlighting the challenges faced by correctional facilities in Nigeria, Mr Ogueri noted that Ikoyi correctional center initially designed for 800 inmates, now houses over 3,000 inmates, with 396 convicted persons and 3,604 awaiting trial.

Whilst thanking the bank, the Deputy Controller also emphasised the importance of rehabilitation, citing examples of inmates who have pursued education and skills acquisition, including 72 inmates studying with the National Open University of Nigeria and 120 inmates who have benefited from WAEC and GCE support.

Business Post reports that through the FHHP, staff across Fidelity Bank branches nationwide identify crucial interventions needed in their immediate community and raise funds to execute them. The bank’s management then matches this contribution with an equal amount and disburses it for the selected project.

The visit to the Ikoyi Correctional Centre reinforces the lender’s unwavering commitment to meaningful community impact and demonstrates its strong dedication to advancing social responsibility and rehabilitation efforts across the society.

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Banking

Ecobank Nigeria Introduces Business App for SMEs to Accelerate Growth

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By Dipo Olowookere

A new digital banking platform created to help business owners in the country to eliminate delays, queues, and operational inefficiencies has been introduced by Ecobank Nigeria.

This mobile application is to strengthen the growth and sustainability of Small and Medium Enterprises (SMEs) across Nigeria, allowing them to manage payments, monitor transactions, oversee cash flow, and run day‑to‑day financial operations directly from their mobile devices.

The Ecobank Business app, now available on the Google Play Store and Apple App Store, cements the bank’s position as a dependable growth partner to SMEs across all sectors, delivering tools that help businesses manage better, grow faster, and operate more competitively in a digital economy. – Ecobank Business — Your Growth Partner.

The introduction of this initiative further reinforces Ecobank’s broader commitment to empowering SMEs through digital innovation, sector‑specific value propositions, and financial solutions like structured loans, trade support, guarantees, and equipment financing.

It also aligns with the lender’s push to re-energise dormant SME accounts, deepen market penetration, promote digital adoption, and scale value‑chain financing through partnerships with corporate anchors.

According to the Executive Director for Consumer and Commercial Bank at Ecobank Nigeria, Mr Kola Adeleke, the Ecobank Business App was developed to address the unique challenges faced by Nigeria’s diverse SME landscape.

Speaking at the unveiling in Lagos, he explained that the platform caters to traders, retailers, tech start-ups, online businesses, hospitality operators, farmers, agro‑processors, manufacturers, construction firms, professionals, social commerce entrepreneurs, schools, associations, and organisations that require transparent and efficient financial management.

Mr Adeleke noted that the app delivers faster payment collection for merchants and retailers, seamless digital transactions for online businesses, efficient vendor and staff management for hospitality players, timely payment solutions for agriculture value chains, and secure handling of bulk and high‑value transactions for manufacturers and construction firms.

He added that professionals such as lawyers and consultants can issue invoices and receive payments easily, while schools and associations can streamline fees, dues, and reporting from a single platform.

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