Super Agents Face ₦20 Million Fine for Ownership Changes Without CBN ApprovalThe Central Bank of Nigeria (CBN) has announced a stiff ₦20 million fine on any super agent, financial institution or related entity that changes its ownership structure, conducts a merger, or effect acquisition without first obtaining approval from the apex bank. This policy forms part of the newly issued Guidelines for the Operations of Agent Banking in Nigeria released in October 2025. Under the new regulations, any violation involving unapproved change in ownership or mergers will attract not less than ₦20,000,000 as a base penalty, plus an extra ₦500,000 for each day the default continues. CBN expects that every alteration in shareholding, reorganization, or restructuring must be subjected to its review process to ensure stability in the agent banking sector. Beyond ownership changes, the guidelines provide for additional penalties aimed at a spectrum of infractions. Entities operating without a valid super-agent licence may be fined at least ₦10 million, with extra daily sanctions if they persist. Also, failure to secure CBN’s “No Objection” or regulatory clearance for key business activities may bring fines of ₦2 million on both the institution and each responsible director. The CBN further prescribes penalties for misbranding, late return filings, false information, and non-compliance with accounting record standards. For operating in non-permissible agent banking activities, fines start from ₦5 million, with ₦100,000 for each day the default lasts, plus forfeiture of related profits. While most parts of the new guidelines take effect immediately, certain measures—such as agent location rules and exclusivity arrangements—will begin enforcement from April 1, 2026. The reforms signal CBN’s resolve to strengthen oversight, promote accountability, and curb abuses in Nigeria’s rapidly expanding agent banking and Point-of-Sale (PoS) ecosystem.
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