The Central Bank of Nigeria (CBN) has issued a directive requiring all monetary establishments to submit detailed month-to-month reviews on the actions of their Level-of-Sale (POS) brokers.
The transfer is a part of broader efforts to strengthen oversight, improve transparency, and mitigate dangers inside Nigeria’s quickly increasing agent banking ecosystem.
In a round signed by Musa Jimoh, Director of the CBN’s Funds System Coverage Division, the apex bank said that the reviews should embrace complete knowledge on the character, worth, and quantity of transactions performed by brokers.
Submissions are to be made no later than the tenth day of the next month.
Key Reporting Necessities
The directive outlines a number of obligatory disclosures, together with:
- Incidents of fraud, theft, or theft at agent places
- Nature and variety of customer complaints, together with remedial actions taken
- Classification of energetic brokers into particular person and non-individual classes
- Schedule of operational breaches and exceptions
- Full agent particulars together with telephone quantity, e-mail, BVN, TIN, enterprise handle, state, and geopolitical zone
- Technical specs of deployed digital units (e.g., terminal ID, OEM, serial quantity)
- Information of agent coaching on Anti-Cash Laundering (AML), Counter-Financing of Terrorism (CFT), fraud detection, reconciliation, counterfeit identification, and customer service
- Documentation of on-site visits and any exceptions noticed
The CBN emphasised that it reserves the precise to request extra data on any side of agent banking operations as deemed obligatory.
Compliance and Enforcement
All returns should be addressed to the Director of the Funds System Supervision Division (PSSD) and shall be thought-about formally acquired solely upon acknowledgment by the CBN. Moreover, every submission should be duly signed by the establishment’s Managing Director/Chief Govt Officer and Chief Compliance Officer.
“All returns submitted to the CBN shall be duly signed by the MD/CEO and the Chief Compliance Officer.”
The apex bank warned that “any report submitted later than ten working days after the tip of the reporting interval shall be thought-about a breach of the rules and can entice regulatory sanctions”.
The directive takes quick impact.
Transaction Limits Reaffirmed
The round additionally reaffirmed the every day transaction limits launched in December 2024:
- POS brokers are restricted to a most of N1.2 million per day
- Particular person prospects are restricted to N100,000 in every day transactions
These limits are meant to curb misuse, improve monetary integrity, and defend shoppers inside the agent banking framework.
What You Ought to Know
The CBN has been taking steps to sort out fraud and guarantee regulators can monitor transactions extra successfully.
- In August, the apex bank issued a contemporary directive mandating all members within the nation’s cost ecosystem to finish migration to the ISO 20022 messaging commonplace and implement obligatory geo-tagging of cost terminals by October 31, 2025.
- In a round revealed on its official web site, CBN reminded Deposit Cash Banks (DMBs), Microfinance Banks (MFBs), Cellular Cash Operators (MMOs), Switching and Processing Firms, Fee Terminal Service Suppliers (PTSPs), Fee Answer Service Suppliers (PSSPs), Tremendous Brokers, and different licensed operators that ISO 20022 is now the worldwide benchmark for funds messaging.
In response to the doc, the transfer aligns with SWIFT’s world migration timeline and is meant to standardise high quality knowledge throughout Nigeria’s monetary system.
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