THE Central Bank of Nigeria (CBN) has imposed a daily transaction limit of N1.2 million for Point of Sales (PoS) agents.
This was disclosed in a circular titled “Circular on Cash-Out Limits for Agent Banking Transactions” released yesterday.
The circular explained that the policy aims to promote the adoption of a cashless economy.
“To enhance the use of electronic payment channels for agency banking operations, the Bank hereby introduces the following policy interventions,” the document, signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department, stated.
As of July 2024, data from the Nigeria Interbank Settlement System Plc revealed that Nigeria had 3.05 million deployed PoS terminals and 4.06 million registered PoS terminals.
Under the new policy, cash withdrawals per customer (across all channels) are capped at N500,000 weekly. Additionally, agent banking terminals now have a daily maximum cash-out limit of N100,000 per customer, while the cumulative daily cash-out limit for agents is set at N1.2 million.