The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to operate as Point of Sale (PoS) agents under its revised Guidelines for the Operations of Agent Banking in Nigeria, effectively barring individuals with unresolved debts, watch-listed Bank Verification Numbers (BVNs), or a history of financial misconduct from participating in the fast-growing agent banking sector.

The guidelines, released on October 6, 2025, aim to tighten due diligence standards in an industry that has become critical to financial inclusion but is also plagued by fraud, over-concentration of risk, and weak oversight.

The new rules mark a significant tightening of Nigeria’s agent banking framework, moving beyond transaction monitoring to focus on the integrity of the individuals who operate at the last mile of financial inclusion.

Under the new rules, any person or entity with a non-performing loan with any financial institution in the last 12 months is ineligible to be appointed as an agent. The CBN said credit information would be verified through licensed credit bur-eaus, closing loopholes that have allowed individuals with bad debts to resurface as POS operators.

Also disqualified are individuals whose BVNs have been watch-listed, as well as anyone who has been blacklisted for financial mis-conduct. Agents convicted of felonies, fraud, dishonesty, or related offences will also not be permitted to operate.

In addition, persons declared bankrupt or companies that have filed for insolvency are automatically barred from agent banking, reinforcing the regulator’s stance that only financially stable and trustworthy actors can hold such positions.

For those seeking approval, the guidelines stipulate basic eligibility conditions. Prospective agents must demonstrate the ability to carry out permissible activities such as deposits, withdrawals, and bill payments. They must also provide all mandatory information required under CBN regulations, secure au-thorisations from relevant authorities where necessary, and, in the case of individu-als, be at least 18 years old and of sound mind.

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The central bank also mandated that principals – banks, super agents, and licensed payment service providers – conduct comprehensive due diligence before appointing agents. This includes verifying credit history, criminal records, sources of funds, business ad-dresses, and pre-existing relationships that could pose risks.

Agent banking has expanded rapidly in Nigeria, driven largely by PoS operators who bring financial services to rural and underserved com-munities. There are over 8.3 million registered PoS terminals in the country and 5.9 million already deployed as of March 2025, with agents handling billions of naira in transactions monthly.

However, the sector has faced rising cases of fraud, theft, and unlicensed operators exploiting gaps in over-sight. By cutting off access for individuals with poor credit records or compromised BVNs, the CBN is signalling its intent to clean up the PoS industry and safeguard customer trust. Industry oper-ators, however, face higher compliance costs, as principals must integrate credit checks, BVN verification, and legal clearances into their onboarding processes.

The new qualification criteria are part of broader reforms, which also include mandatory geo-tagging of Pos devices, transaction lim-its, real-time settlement re-quirements, and stiffer sanctions for default.

In August 2025, the CBN had already ordered operators to geo-tag all Pos devices within 60 days and align with the global ISO 20022 messaging standard. That directive set the stage for tighter rules in October, which now embed sanctions and stricter onboarding checks.

However, the latest guidelines have extended the deadline to April 1, 2026. The extension to April 2026 gives breathing space but does not soften the threat: come enforcement day, non-geo-locked terminals may be shut down, and agents or institutions may iCBN bars debtors, blacklisted BVNs from operating as Pos agents

The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to operate as Point of Sale (PoS) agents under its revised Guidelines for the Operations of Agent Banking in Nigeria, effectively barring individuals with unresolved debts, watch-listed Bank Verification Numbers (BVNs), or a history of financial misconduct from participating in the fast-growing agent banking sector.

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The guidelines, released on October 6, 2025, aim to tighten due diligence standards in an industry that has become critical to financial inclusion but is also plagued by fraud, over-concentration of risk, and weak oversight.

Nigeria’s electricity distribution companies (DisCos) installed a total of 225,631 meters in the second quarter of 2025, marking a 20.55% increase compared to the 187,161 meters installed in the first quarter of the year, as reported by Nairametrics.

This was contained in the newly released Second Quarter 2025 Report by the Nigerian Electricity Regulatory Commission (NERC).

According to the report, of the total meters installed, 147,823 units (65.52%) were deployed under the Meter Asset Provider (MAP) framework, 65,315 meters under the Meter Acquisition Fund (MAF) scheme, 12,259 meters through the Vendor Financed framework, and 234 meters were installed under the DisCo Financed scheme.

Despite this progress, NERC noted that as of June 2025, only 6,422,933 out of the 11,821,194 active registered customers in the Nigerian Electricity Supply Industry (NESI) had been metered. This translates to a national metering rate of 54.33%, leaving nearly half of electricity consumers still unmetered and subject to estimated billing.

To cushion the impact on unmetered customers, the Commission said it has continued to enforce the monthly energy cap policy, which limits the amount of energy that can be billed to unmetered customers.

“This sets the maximum amount of energy that may be billed to an unmetered customer for the respective month based on gross energy received by the DisCo and consumption by metered customers on their respective feeders,” NERC said.

The report further highlighted a decline in customer complaints received across all DisCo Customer Complaints Units (CCUs). A total of 227,267 complaints were recorded in Q2 2025, representing a 10.67% decrease from the 254,404 complaints lodged in the previous quarter.

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However, only 1,129 out of 2,474 complaints received at NERC’s Central Complaint Unit (CCU) were resolved — a resolution rate of 45.63%, which the regulator described as unsatisfactory. The majority of complaints, NERC said, were related to metering, billing, and service interruptions, consistent with previous trends.

The Commission added that two Forum Offices were shut down during the quarter, reducing the number of active offices to 24 from 26 at the end of Q1 2025. A total of 1,418 appeals were active during the quarter — 1,040 new appeals and 378 pending from the previous quarter. The forum panels conducted 41 sittings and resolved 958 appeals, achieving a 67.56% resolution rate, which was 6.54 percentage points lower than the 74.10% recorded in Q1 2025.

What you should know
In April, NERC penalised eight DisCos – including Abuja Electricity Distribution Company (AEDC), Ikeja Electric (IKEDC), Eko Electricity Distribution Company (EKEDC), Enugu Electricity Distribution Company (EEDC), Jos Electricity Distribution Company (JEDC), Kaduna Electric, Kano Electricity Distribution Company (KEDCO), and Yola Electricity Distribution Company (YEDC) – for failing to adhere to the monthly energy caps imposed on estimated billing for unmetered customers.

The Commission imposed a combined fine of over N628 million on the eight DisCos. In addition to the monetary penalties, NERC directed each company to provide credit adjustments to all affected customers.

The NERC’s decision to impose the fine of N628 million on DisCos for violating the estimated billing cap sparked mixed reactions among electricity consumers and power sector experts.

Nairametrics

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Lagos State kept its crown as Nigeria’s biggest sub-national revenue generator in 2024, as the National Bureau of Statistics released the Internally Generated Revenue at State Level 2024 report.

According to the report, announced on Monday via NBS X handle, 36 states and the Federal Capital Territory together produced ₦3.6 trillion in IGR.

This represents a 49.7 per cent rise from ₦2.43 trillion in 2023.

Top 5 IGR generators
Lagos — ₦1,261,556,415,048.56 (roughly one-third of total IGR).

Rivers — ₦317,303,986,832.38.

FCT — ₦282,364,055,025.74.

Ogun — ₦194,933,884,872.57.

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Enugu — ₦180,500,141,598.36.

Bottom five
Adamawa — ₦20,298,222,818.56.

Taraba — ₦17,460,514,087.44.

Kebbi — ₦16,971,704,831.43.

Ebonyi — ₦13,177,829,475.63.

Yobe — ₦11,084,367,202.33.

Full list ranked highest to lowest
Lagos — ₦1,261,556,415,048.56.

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Rivers — ₦317,303,986,832.38.

Fct — ₦282,364,055,025.74.

Ogun — ₦194,933,884,872.57.

Enugu — ₦180,500,141,598.36.

Delta — ₦157,785,188,072.55.

Edo — ₦91,153,908,548.19.

Akwa Ibom — ₦75,768,017,871.08.

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Kano — ₦74,771,014,335.51.

Kaduna — ₦71,574,658,542.97.

Kwara — ₦71,197,075,565.91.

Bayelsa — ₦64,013,288,202.51.

Jigawa — ₦59,455,563,495.20.

Oyo — ₦65,287,038,267.92.

Osun — ₦54,767,865,323.88.

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Cross River — ₦47,018,239,529.33.

Anambra — ₦42,689,648,058.74.

Abia — ₦40,009,340,912.93.

Katsina — ₦39,152,790,613.55.

Bauchi — ₦32,427,554,765.85.

Kogi — ₦32,012,618,177.80.

Niger — ₦34,660,234,106.71.

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Ekiti — ₦35,213,748,270.98.

Plateau — ₦31,139,826,680.23.

Ondo — ₦31,251,840,302.79.

Borno — ₦27,803,527,850.21.

Zamfara — ₦25,455,960,759.33.

Imo — ₦25,270,602,765.46.

Nassarawa — ₦25,518,692,329.97.

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Gombe — ₦20,724,823,840.00.

Sokoto — ₦20,845,754,441.54.

Benue — ₦20,434,774,732.75.

Adamawa — ₦20,298,222,818.56.

Taraba — ₦17,460,514,087.44.

Kebbi — ₦16,971,704,831.43.

Ebonyi — ₦13,177,829,475.63.

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Yobe — ₦11,084,367,202.33.

The IGR calculated has two (2) broad categories of revenues: Tax Revenue and Ministries, Departments and Agencies’ (MDAs’) Revenue.

Taxes include PAYE, Direct assessment, Road taxes, Stamp duties, Capital gain tax, withholding taxes, Other taxes and LGAs’ revenue.

PAYE was the most tax revenue recorded during the period (₦1.86 trillion), representing 69.84 per cent of the total taxes collected, while capital gains tax was the least with ₦10.57 billion.

PUNCH

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The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, has disclosed that Nigeria lost 200,000 barrels per day of crude oil to the recent strike action embarked upon by the nation’s oil workers, culminating in a total of over 600,000 barrels during the three-day supply disruption.

The Petroleum and Natural Gas Senior Staff Association (PENGASSAN) had last month directed its members to embark on strike in the wake of a face off with the management of Dangote Refineries over the reported sack of 800 workers.

Reacting to the effect of the three-day strike action on the oil industry, Ojulari stated that the industrial action had a telling effect on the production capacity of the NNPC.

The GCEO who spoke with newsmen after meeting with President Bola Tinubu in Lagos while describing the strike action as unfortunate stated that Nigeria has recently achieved a 7 Billion Cubic Feet (BCF) of gas.

“I think it was unfortunate that the Dangote and PENGASSAN issue led to strike and whenever there is strike and critical staff manning critical facilities are not available and optimum production is almost impossible. In this particular case, we actually lost significant production of over 200,000 bpd that was deferred.

“We also have gas production that was deferred, we also have power generation that was impacted by about 1.2 megawatts of power that was affected by that strike,” he said.

He, however, expressed happiness that the crisis had been resolved through the timely intervention of the federal government via the Federal Ministry of Labour and the Office of the National Security Adviser (NSA).

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Ojulari added: “I’m very pleased that the federal government through the leadership of the Minister of Labour and full support of the National Security Adviser was able to put together everyone into a dialogue and brought everybody to the table and now there has been a communiqué that has been agreed on the way forward.

“We are all very hopeful that everyone will abide by the communique, since then we have been able to return production back to status quo, there has been one or two areas that we are still trying to catch up with. Overall, we have gradually gone back to restore lost production and the deferment that we have as of today,” he added.

Ojulari further stated that Nigeria has been able to step up crude oil production with effect from last month, saying 1.68 million barrels per day were produced in September, 2025 while 7 billion cubic feet of gas was also produced per day during the same period.

“We are making good progress. As you know, we recorded 1.68mbpd of oil production last month which was very good. That was the first in about five years. In terms of milestones, we also recorded the highest gas production above 7 Billion Cubic Feet per day which is also the highest in recent times.

“What we are also expecting is that with some Turnaround Maintenance we have done in August and September and all of those are meant to come back this month, we are hoping that by the end of the year we should at least be clocking 1.8mbpd,” the NNPC chief executive stated.

He attributed the current hike in price of cooking gas to the artificial scarcity caused by the recent PENGASSAN strike, but expressed hope that the price will stabilise before long with the resolution of the crisis.

“The increase you saw was relatively artificial because for the period of the strike, movement and loading were delayed for about two to three days and because of that you see that impact and as things return to normal it takes sometimes for distribution to fully return and you see with that delay some of the people that have existing resources in reserves had to put up the price.

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“My expectation is that now that things are back to normal prices it should return to what they were before the strike,” Ojulari added.

Asked the purpose of his visit to the President, Ojulari said it was a routine visit to update him about developments in the oil sector, especially the task given to him to attract investors.

“It is quite an important opportunity to update the president on the progress in NNPC particularly in terms of production performance, in terms of progress we are making in terms of attracting investment.

“As you recall, the President gave us a clear mandate which is to grow production to at least 2 million bpd by 2027 and up to 3 million bpd by 2030 as well as grow gas production as well. So, how are we progressing this year and how are we preparing for next year in terms of ensuring we deliver this growth? So, that was one of my updates to the President,” the engineer noted.

Meanwhile, the NNPC has once again raised the pump price of Premium Motor Spirit (PMS), popularly known as petrol, at its retail outlets, as light queues returned following the PENGASSAN and Dangote

It was learnt that NNPC stations in Abuja, especially in Wuse Zone 6 and Zone 4 areas had adjusted their pump price from N890 to N905 per litre, representing a N15 increase, or roughly 1.7 per cent upward review.

The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, attributed the latest price hike to recent supply disruptions caused by the standoff between PENGASSAN and the Dangote Refinery.

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He said: “It is due to PENGASSAN’s strike disruption. However, our members are still selling between N885 and N895 per litre,” the IPMAN chief said.

The House of Representatives has formed an ad-hoc committee tasked with investigating the economic, regulatory, and security implications of adopting cryptocurrency and point of sale (POS) operations in Nigeria.

During the inauguration of the committee in Abuja on Monday, Speaker Tajudeen Abbas emphasized that the committee’s efforts would contribute to the development of a safe and well-regulated digital financial system in the country.

Abbas, who was represented by Bello Kumo, the chief whip, said the initiative reflects the seriousness with which the house views the risks associated with unregulated cryptocurrency transactions and PoS activities.

“There are real concerns about cryptocurrency’s susceptibility to terrorism financing and money laundering, considering its opaque nature and lack of accountability,” he said.

“This ad-hoc committee is absolutely necessary.

“Its main job is to undertake public hearings to collate relevant information from stakeholders that will guide the House in developing legislation for a regulatory framework for the adoption of the currency in our economy.

“Its work will also guide the House in its oversight functions as they concern the use of digital currency in Nigeria.”

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The speaker said the move aligns with the Tinubu administration’s ongoing economic reforms, stressing the need to safeguard Nigeria’s financial system against illicit transactions and cyber threats.

“We must ensure that the security of our country is not breached through illicit financial transactions,” he added.

‘FINTECHS LACK PROTECTION’

In his remarks, Richard Olufemi Bamisile, chairman of the committee, said the panel’s task is of national importance and aims to balance innovation with security.

Bamisile noted that while digital payments have deepened financial inclusion, they have also become targets for fraud and cybercrime.

“Let us be frank: many fintech entities in our country still lack robust protections for their customers,” he said.

“If ignored, these risks could compromise not only our financial stability but also our national security.”

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He said the committee would work closely with key institutions including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Nigerian Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) and the Nigeria Police Force to ensure that digital finance supports growth rather than undermines security.

Bamisile said the committee would also engage stakeholders through public hearings to develop practical and evidence-based recommendations for legislative and regulatory reforms.

“We are not here to stifle innovation, but innovation without safeguards can destabilise economies, empower criminals, and erode public trust,” he said.

On October 3, Olayemi Cardoso, governor of CBN, had said the bank is collaborating with the SEC to develop a sustainable framework for digital currencies in the country.

Nigeria approved the national blockchain policy in May 2023, a significant step in the country’s efforts toward digital transformation.

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The Central Bank of Nigeria (CBN) has introduced new guidelines governing the operations of agent banking across the country, placing limits on daily and weekly cash transactions, as reported by BusinessDay.

The directive, aimed at deepening financial inclusion and reducing risks associated with cash handling, sets a daily transaction limit of N100,000 per customer for both deposits (cash-in) and withdrawals (cash-out). The weekly cap is fixed at N500,000 per customer.

Agent banking, which allows third-party individuals or entities to provide basic financial services on behalf of licensed deposit-taking institutions, has become a vital channel for extending financial access to underserved communities. However, the CBN says its growing adoption necessitates tighter regulation to ensure transparency, customer protection, and proper monitoring of transactions.

According to a circular issued on October 6, 2025, with reference number PSP/DIR/CON/CWO/001/049, the new framework titled Guidelines for the Operations of Agent Banking in Nigeria establishes comprehensive standards for agent banking activities. The document was signed by Musa I. Jimoh, director of the Payments System Policy Department. While the guidelines take effect immediately, provisions relating to agent location and agent exclusivity will come into force from April 1, 2026.

In the new framework, daily and weekly limits also apply to bill payments conducted through agent banking channels. Customers are restricted to N100,000 per day and per week when using agents to settle bills. The CBN explained that the introduction of these thresholds is designed to curb abuse, prevent money laundering, and enhance regulatory oversight.

Under the rules, financial institutions appointing agents, referred to as Principals, are required to ensure that each agent’s cumulative daily cash-out limit does not exceed N1.2 million. The CBN also reserves the right to revise transaction limits periodically in line with its Guide to Charges for Banks and Other Financial Institutions in Nigeria.

To further strengthen monitoring, all devices used by agents, such as point-of-sale (PoS) terminals, must be geo-fenced. This means they can only operate within the registered and approved locations of the agent. These devices must also be linked to a dedicated account or wallet provided by the Principal. Transactions conducted outside this dedicated account are considered violations of the guidelines, and the agent may be held personally liable for any resulting misconduct or fraud. Such breaches may lead to termination of the agent agreement and blacklisting or watch-listing of the agent involved.

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Financial institutions must maintain transparency in agent deployment. Principals are required to publish updated lists of all their agents on their official websites. Each branch of a Principal institution must display the list of agents operating within its locality. Furthermore, any institution operating as a Super Agent must have at least 50 active agents spread across Nigeria’s six geopolitical zones.

The CBN also emphasised that all agent banking transactions must be conducted through a dedicated account or wallet with the Principal. Payment terminals such as PoS devices must be linked exclusively to these accounts. Agents operating outside of this arrangement will violate the guidelines. The agent, in such cases, shall be held personally responsible for any misconduct, and such actions may serve as grounds for contract termination and regulatory sanctions.

On the issue of enforcement, the CBN stated that it may take corrective action against any Principal or Super Agent whose agents repeatedly breach regulations. These actions may include blacklisting from participating in agent banking services. In situations deemed appropriate by the regulator, the CBN may also issue direct instructions for remedial measures to be taken by the Principal or the agents concerned.

The guidelines also include provisions for technology standards. The CBN mandates that all technological systems used in agent banking must ensure secure transmission of transaction data and seamless interoperability with the national payments infrastructure. Customers must receive immediate value for transactions, and in the event of a failed transaction, reversals must be processed without delay. All successful transactions should generate receipts or acknowledgements for customer records.

Agent banking platforms must automatically enforce daily transaction limits and reject unauthorised or suspicious transactions. There must be real-time monitoring of transactions, electronic audit trails to support dispute resolution and oversight, and all settlement records must be stored for a minimum of five years or longer, as required by law. The systems must also be equipped with features that prevent agents from exceeding their permitted transaction limits.

The CBN reiterated its commitment to fostering an inclusive, secure, and efficient financial system. It urged all deposit money banks, other financial institutions, and payment service providers to comply strictly with the new guidelines. The apex bank added that it will continue to monitor the agent banking sector and issue further guidance as necessary to ensure alignment with its regulatory objectives.

BusinessDay

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