The Central Bank of Nigeria (CBN) has issued a directive requiring all financial institutions to submit detailed monthly reports on the activities of their Point-of-Sale (POS) agents.
The move is part of broader efforts to strengthen oversight, enhance transparency, and mitigate risks within Nigeria’s rapidly expanding agent banking ecosystem.
In a circular signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department, the apex bank stated that the reports must include comprehensive data on the nature, value, and volume of transactions conducted by agents.
Submissions are to be made no later than the 10th day of the following month.
The Key Reporting Requirements include, ”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, Full agent details including phone number, email, BVN, TIN, business address, state, and geopolitical zone,
Others are 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 noted that it reserves the right to request additional information on any aspect of agent banking operations as deemed necessary, warning that any report submitted later than ten working days after the end of the reporting period will be considered a breach of the guidelines and will attract regulatory sanctions.