CBN Imposes Heavy Fines in New Agent Banking Guidelines

The Central Bank of Nigeria (CBN) has released new Agent Banking Guidelines with strict penalties for violations. Operators found breaching the guidelines could face fines starting at N5 million.

The guidelines aim to regulate agent banking activities and ensure compliance with set standards. Violations such as unauthorized activities or operating without a valid Super Agent license could lead to hefty fines, with additional charges for each day of non-compliance.

The CBN emphasized the importance of obtaining prior approval and maintaining accurate accounting records to avoid penalties. The updated framework also includes forfeiture of profits gained through violations.

This move is part of CBN's efforts to enhance the integrity and efficiency of the agent banking sector in Nigeria.