Central Bank of Nigeria - Guidelines for Agent Banking and Agent Banking Relationships

The Central Bank of Nigeria (CBN) issues the following guidelines for the regulation of agent banking and agent banking relationships in Nigeria. The objectives of the guidelines are to:

1. Provide minimum standards and requirements for agent banking operations.
2. Enhance financial inclusion and provide for agent banking as a delivery channel for offering banking services in a cost effective manner.

The guidelines cover the following topics:

1. Application and Approval Requirements for Agents
2. Minimum Requirements of Agent Banking Contract
3. Establishment of Agent Banking Relationship
4. Assessment of Agents
5. Moral and Professional Suitability of A Prospective Agent
6. Agent Due Diligence
7. Key Roles & Responsibilities of the Financial Institution
8. Management of Agent Banking Business
9. Permissible Activities
10. Prohibited Activities
11. Rules On Exclusivity of Agents
12. Supervision of Agent
13. Publication of List of Agents
14. Locations, Relocation, Transfer and Closure of Agent Premises
15. Settlement of Transactions and the Technology Requirements
16. Third-Party Service Providers
17. Risk Management
18. Money Laundering
19. Consumer Protection Measures
20. Disclosures, Branding and Advertisement
21. Dispute Resolution
22. Submission of Statutory Returns
23. Powers of the CBN Over Agents
24. Remedial Measures
25. Sanctions

Document Details

Document Type: 
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Year of Document: 
2013
Date of Document: 
Friday, February 8, 2013
Document Authors: 
Central Bank of Nigeria
Language (This Document): 
English

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