Business
CBN Limits PoS Customers’ Withdrawal To 100,000 p/d
Nigeria’s apex Bank, the Central Bank of Nigeria (CBN) has introduced new cash-out limits for Point of Sale (PoS) transactions, restricting agents to a maximum daily transaction limit of N1.2 million.
The bank also limited customers to withdrawing N100,000 per day from PoS agents.
These measures, outlined in the CBN’s circular titled “Circular on Cash-Out Limits for Agent Banking Transactions,” aim to promote a cashless economy and strengthen the integrity of agent banking operations.
The circular, signed by Oladimeji Yisa Taiwo of the Payments System Management Department, underscores the need for enhanced electronic payment adoption and fraud prevention.
Key highlights include a weekly withdrawal cap of N500,000 for customers and the exclusive use of float accounts by agents.
The CBN also mandates that agent banking activities be distinctly separated from merchant operations and must apply the approved Agent Code 6010 for transactions.
The directive is addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Superagents, emphasizing the need for standardized practices across the agent banking ecosystem.