WATCH THE VIDEO HERE The Central Bank of Nigeria (CBN) has introduced a daily transaction limit of N100,000 per customer for cash-out transactions conducted by Point of Sale (POS) agents. This policy, part of a new directive issued on December 17, 2024, and signed by Oladimeji Yisa Taiwo for the Director of the Payments System Management Department at the CBN, aims to streamline agency banking operations, encourage electronic payment adoption, and enhance the country’s cashless economy drive. The circular, which was released on Tuesday and addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Superagents, emphasizes the need for uniform operational standards, fraud prevention, and improved monitoring within the agent banking sector. The circular outlined several critical measures for principals of agent banking operations to implement immediately: The CBN reiterated that all principals remain responsible for the actions and omissions of their agents in relation to banking services.
CBN sets daily cash-out limit for POS transactions at N100,000 per customer
