The Central Bank of Nigeria has directed all financial institutions to file detailed monthly reports on Point-of-Sale (POS) agent operations as part of measures to improve transparency and strengthen oversight in the fast-growing agent banking sector.
According to a circular signed by Musa Jimoh, Director of Payments System Policy, the reports must capture transaction volumes, values, fraud incidents, customer complaints, and details of active agents, including location and compliance records. Institutions are also required to document staff training on anti-money laundering and fraud prevention.
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Submissions must reach the CBN no later than the 10th day of each month and be signed by both the Chief Executive and Chief Compliance Officer. The apex bank warned that late or incomplete reports would attract regulatory sanctions. The directive takes immediate effect.
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