CBN caps daily cash withdrawals via agent banking at ₦100,000

The Central Bank of Nigeria (CBN) has issued fresh guidelines for agent banking operations nationwide, placing new limits on how much customers can deposit or withdraw in a day.

Under the new rules, each customer can carry out a maximum of ₦100,000 in daily transactions — for both deposits and withdrawals — and ₦500,000 per week. The restrictions also apply to bill payments made through agents.

The directive, issued in a circular dated October 6, seeks to strengthen financial inclusion while reducing risks tied to excessive cash handling. The document, titled Guidelines for the Operations of Agent Banking in Nigeria, was signed by Musa I. Jimoh, Director of the CBN’s Payments System Policy Department.

The bank said the thresholds are meant to curb money laundering, fraud, and abuse of cash channels. “The new limits will help promote safer transactions and improve transparency within the financial ecosystem,” the CBN said in the circular.

While the guidelines take effect immediately, provisions relating to agent location and exclusivity will begin on April 1, 2026.

Agent banking allows licensed third-party operators to provide financial services such as deposits, withdrawals, fund transfers, and bill payments on behalf of commercial banks and mobile money operators. It has become central to extending financial access in rural and semi-urban communities, especially where bank branches are scarce.

Under the new framework, banks and other financial institutions — referred to as Principals — must ensure that each agent’s total daily cash-out limit does not exceed ₦1.2 million. The CBN reserves the right to adjust these limits periodically in line with its Guide to Charges for Banks and Other Financial Institutions.

To improve monitoring, point-of-sale (PoS) terminals and mobile devices used by agents must now be geo-fenced, restricting their use to approved business locations. Each device must be linked to a dedicated account or wallet provided by the Principal institution. Transactions conducted outside this setup will be considered a violation, and the responsible agent could face sanctions, including blacklisting or contract termination.

The CBN also directed banks to publish updated lists of their agents on their official websites and at local branches for transparency. Super Agents — larger operators overseeing other agents — must maintain at least 50 active agents across Nigeria’s six geopolitical zones.

Technology and compliance standards have also been tightened. All agent banking systems must ensure secure data transmission, real-time monitoring, and automatic enforcement of daily limits. Failed transactions must be reversed promptly, while receipts should be issued immediately for successful ones.

The CBN warned that it will sanction any financial institution whose agents repeatedly breach the rules. Offenders could face blacklisting or suspension from participating in agent banking activities.

Reaffirming its commitment, the CBN said it will “continue to monitor agent banking closely to foster a more inclusive, transparent, and secure financial system.”