Reports | Monetary Policy

Regulatory Framework for Agent Banking - Exposure Draft

Mar 10, 2023   •   by   •   Source: CBN   •   eye-icon 211 views

In exercise of the powers conferred on the Bank by Section 2 (d) of the Central Bank of Nigeria Act, 2007 and Section 57 (2) of the Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, 2004 to issue guidelines for the maintenance of adequate and reasonable financial services to the public, the Central Bank of Nigeria (CBN) hereby issues the Guidelines for Agent Banking in Nigeria to regulate the operation of agent banking in the country. 


Agent banking refers to the use of third parties for the provision of banking and other financial services to the public. It enables banks and other financial institutions extend their services to locations where they may not have physical presence. The agent banking initiative in Nigeria has proved to be a viable tool for achievement of the financial inclusion targets set for the country. 

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