Money

CBN Direct Banks to Render Returns on Shared Agency Network Expansion Fund initiative

July 5, 2018/CBN

Pursuant to the decision of the Bankers‘Committee to adopt and implement the Shared Agency Network Expansion Fund initiative by the Banking Industry, aimed at accelerating the Bank’s financial inclusion program, the Bank hereby issues this regulatory requirement for data rendition for effective monitoring and evaluation purposes.

All banks (including Microfinance Banks and Primary Mortgage Institutions) that appoint/have agents, Mobile Money Operators and Licensed Super Agents are hereby directed to render daily returns, through the Nigeria Inter-Bank Settlement System (NIBSS) Plc, to the Central Bank of Nigeria, in the mode and template prescribed by NIBSS. The transaction data is required daily, so as to plot the growth and type of services being offered across the country.

The information, as indicated in the attached template shall be made available to NIBSS on a daily basis with effect from July 10, 2018. For further information on the reporting requirements and the mode of submission, please contact conyeiekwe@nibss-plc.com.ng and/or bodude@nibss-pic.com.ng.

Please note that failure to comply with this directive may lead to the revocation of your operating licence.

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