The Central Bank of Nigeria (CBN) has directed all financial institutions to submit detailed monthly reports on the activities of their Point-of-Sale (POS) agents.
The Directive is to deposit money banks, fintechs and microfinance banks.
The move is part of the apex bank’s broader efforts to strengthen oversight, enhance transparency, and mitigate risks within Nigeria’s rapidly expanding agent banking ecosystem.
A circular signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department indicated that the reports must include comprehensive data on the nature, value, and volume of transactions conducted by agents.
According to the circular, submissions are to be made on or before the 10th day of the following month.
Key Reporting Requirements
The directive outlines several mandatory disclosures, including:
Incidents of fraud, theft, or robbery at agent locations, Nature and number of customer complaints, along with remedial actions taken, classification of active agents into individual and non-individual categories, schedule of operational breaches and exceptions.
Others include, full agent details including phone number, email, BVN, TIN, business address, state, and geopolitical zone, Technical specifications of deployed electronic devices (e.g., terminal ID, OEM, serial number).
Records of agent training on Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT), fraud detection, reconciliation, counterfeit identification, and customer service
Documentation of on-site visits and any exceptions observed.
The CBN emphasized that it reserves the right to request additional information on any aspect of agent banking operations as deemed necessary.
Compliance and Enforcement
All returns must be addressed to the Director of the Payments System Supervision Department (PSSD) and will be considered officially received only upon acknowledgment by the CBN. Furthermore, each submission must be duly signed by the institution’s Managing Director/Chief Executive Officer and Chief Compliance Officer.
“All returns submitted to the CBN shall be duly signed by the MD/CEO and the Chief Compliance Officer” it said.
