In a move aimed at enhancing financial inclusion and modernizing Nigeria’s banking infrastructure, the Central Bank of Nigeria (CBN) has released a comprehensive update to its regulatory framework governing agent banking operations. The new document, titled Guidelines for the Operations of Agent Banking in Nigeria, consolidates previous regulations and introduces clearer standards designed to improve service delivery, consumer protection, and operational oversight.
Agent banking — a model in which licensed financial institutions outsource specific financial services to third-party agents — has played a pivotal role in expanding access to banking services, particularly in remote and underserved communities. Since the introduction of the first regulatory guidelines in 2013, followed by the framework for licensing super agents in 2015, the CBN’s push toward agent-led service delivery has significantly boosted formal financial participation across the country.
However, with rapid technological advancements and an increasingly sophisticated agent banking ecosystem, the CBN noted the need for a regulatory overhaul. The updated guidelines reflect current realities, introducing unified standards that address emerging risks and operational challenges within the sector.
Prepared in line with the CBN’s mandate under the CBN Act of 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020, the revised framework is intended to support a safe, stable, and resilient financial system. It establishes minimum operating requirements for financial institutions involved in agent banking, while reinforcing consumer safeguards and promoting responsible market conduct.
At the heart of the new guidelines are three key objectives: setting baseline regulatory and operational standards; strengthening agent banking as a viable channel for deepening financial inclusion; and improving service quality across the agent network industry. The document also clarifies that it applies to all CBN-licensed financial institutions authorized to conduct agent banking activities and will be subject to periodic updates as the financial landscape evolves.
With this overhaul, the CBN aims to bolster trust in agent banking, enhance service reach, and ensure that millions of Nigerians — particularly those in rural and underserved regions — continue to benefit from safe, efficient, and reliable access to financial services.
Read full circular below.
By FCCT Editorial Team
