Central Bank of Nigeria (CBN) has imposed a daily transaction limit of N1.2 million for Point of Sales (PoS) agents.
Gatekeepers News reports that the decision was communicated in a circular titled ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released Tuesday.
The initiative is part of the CBN’s strategy to promote a cashless economy.
“The Bank hereby releases the following policy interventions, which have become necessary to enhance the use of electronic payment channels for agency banking operations,” the circular signed by Oladimeji Yisa Taiwo for the Director, Payments System Management Department, read.
As of July 2024, there were 3.05 million deployed PoS terminals and 4.06 million registered PoS terminals in Nigeria, according to the Nigeria Interbank Settlement System Plc.
Also, the new policy establishes a cash withdrawal limit per customer, irrespective of the channel used. Customers are now limited to a cash withdrawal of N500,000 per week, while each agent banking terminal is set with a daily maximum transaction cash-out limit of N100,000 per customer. Furthermore, an individual agent’s total daily cash-out limit has been capped at N1.2 million.
