The Central Bank of Nigeria (CBN) has introduced tough sanctions for agent bankers found violating its newly revised Agent Banking Guidelines, warning that offenders will face a minimum fine of ₦5 million and an additional ₦100,000 daily for every day the infraction continues.
In the updated directive, the CBN stated that operating without a valid Super Agent licence now attracts a fine of ₦10 million, alongside ₦200,000 per day for continued default. It also ruled that violators will forfeit any profit earned from such illegal activities.
Other penalties include a ₦2 million fine for financial institutions that fail to obtain CBN approval or a “No Objection” before engaging in agent banking, with each responsible director or senior staff also paying ₦2 million personally. Failing to maintain proper records will now cost institutions not less than ₦5 million, while officers who cause such defaults will pay ₦2 million.
The CBN listed non-permissible activities to include:
Super Agents conducting direct agent operations.
Agents performing core banking services like account opening, loan issuance, or forex trading.
Delegating agent tasks to another person or company.
Using non-human or automated machines as agents.
Additionally, individuals or firms with non-performing loans (NPLs) within the past year, bankrupt persons, or companies under insolvency are barred from participating in agent banking.
The apex bank said the policy review became necessary following the rapid growth of digital finance and the complexity of agent operations. The new framework, it added, consolidates previous policies into one comprehensive document aimed at ensuring stability, transparency, and compliance within Nigeria’s expanding agent banking ecosystem.
