Nigeria: CBN Imposes N5m Fine On Illegal Agent Banking Activities

THE Central Bank of Nigeria (CBN) has announced that any agent found engaging in non-permissible activities under its newly revised Agent Banking Guidelines will face a minimum penalty of N5 million for the offence and N100,000 for each day the default continues, in addition to forfeiting any profit made from such activities.

According to the revised guidelines, “Operating without a valid Super Agent licence attracts a fine of not less than N10 million and N200,000 for each day the default…