Strengthening Oversight: All you need to know on why CBN Directed Banks to Submit Monthly Reports on POS Agents’ Activities

‎‎Email . Totalpolitics@ymail.com ‎‎The Central Bank of Nigeria (CBN) has issued a directive requiring financial institutions to submit detailed monthly reports on the activities of their Point-of-Sale (POS) agents. This move aims to enhance oversight, transparency, and risk mitigation within Nigeria’s rapidly growing agent banking ecosystem.‎‎Comprehensive Reporting Requirements:‎‎The CBN’s directive outlines several key reporting requirements, including ¹:‎- *Incidents of Fraud and Security Breaches*: Reporting incidents of fraud, theft, or robbery at agent locations‎- *Customer Complaints*: Detailing the nature and number of customer complaints, along with remedial actions taken‎- Agent Classification: Classifying active agents into individual and non-individual categories‎- Operational Breaches: Reporting operational breaches and exceptions‎- *Agent Details*: Providing full agent details, including phone numbers, email, BVN, TIN, business address, state, and geopolitical zone‎- *Technical Specifications*: Reporting technical specifications of deployed electronic devices‎- *Training Records*: Documenting agent training on Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT), and other critical areas‎- *On-Site Visits*: Reporting on-site visits and any exceptions observed‎‎Transaction Limits and Compliance.‎‎The CBN has reaffirmed daily transaction limits, restricting POS agents to a maximum of N1.2 million per day and individual customers to N100,000 per day. These limits aim to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework .‎‎Financial institutions must submit monthly reports to the CBN by the 10th day of the following month, signed by the Managing Director/Chief Executive Officer and Chief Compliance Officer. Late submissions will attract regulatory sanctions.‎‎*Enhancing Financial Stability and Inclusion*‎‎The CBN’s directive is part of its broader efforts to strengthen financial stability, promote inclusion, and protect consumers. By enhancing oversight and transparency, the apex bank aims to build trust in Nigeria’s financial services sector and promote responsible financial conduct ².

CBN