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The Central Bank of Nigeria (CBN) has announced that, effective April 1, 2026, all Point-of-Sale (POS) agents across the country will be restricted to operating under only one principal institution. The directive, unveiled on Monday, October 6, 2025, is part of the CBN’s broader effort to strengthen the integrity, safety, and accessibility of financial services nationwide.
While the single-principal rule will take effect next year, the apex bank confirmed that other provisions of the revised Agent Banking Guidelines are already in force. The new framework consolidates previous regulations into a unified document to simplify compliance and improve operational clarity within Nigeria’s expanding agent banking ecosystem.
Under the new rule, POS agents will continue offering their usual services—such as cash deposits and withdrawals, fund transfers, bill payments, and account opening support. However, they must now be exclusively affiliated with one principal (such as a bank or mobile money operator), rather than maintaining relationships with multiple providers.
A key structural change affects super agents—entities responsible for recruiting and managing POS agents. Super agents will no longer be permitted to offer banking services directly to customers. Instead, their role will be limited to overseeing their network of agents, while principals will define the scope of services available to those agents in line with approved risk and compliance standards.
The regulation also extends the single-principal rule to agent networks under super agents, ensuring that each agent operates under only one supervisory entity. However, super agents themselves may still collaborate with multiple principal institutions.
To enhance accountability, the CBN introduced stricter eligibility criteria for agents. Prospective agents must:
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Have no record of non-performing loans in the past 12 months;
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Not be bankrupt or convicted of any financial crime; and
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Possess a valid Bank Verification Number (BVN) unlinked to any fraudulent activity.
Additionally, agents are required to operate from designated physical locations such as kiosks, shops, or business premises. Businesses that serve as agents—such as petrol stations, restaurants, or retail outlets—may only conduct agent banking activities from their registered business addresses.
The guidelines also promote fairness in the payments ecosystem by mandating that principals offer equal pricing and incentives across all card schemes. Agents must clearly separate banking operations from other business activities and use a dedicated agent banking code (6010) for transactions.
Another notable inclusion is the formal recognition of Payment Terminal Service Aggregators (PTSAs)—entities tasked with registering POS terminals, monitoring deployment, and ensuring proper usage. This measure aims to curb fraud, improve transparency, and strengthen oversight within the POS network.
The CBN’s decision to implement the single-principal rule marks a significant step toward a more structured, transparent, and consumer-friendly agent banking framework. By tightening operational standards, enhancing oversight mechanisms, and ensuring fair market practices, the apex bank seeks to deepen financial inclusion—particularly in underserved and rural communities across Nigeria.
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