By: Bayero Ade
The Central Bank of Nigeria (CBN) has imposed a daily withdrawal limit of N100,000 per customer on Point-of-Sale (PoS) transactions. This move, announced in a circular titled “Cash-out Limits for Agent Banking Transactions,” is part of the CBN’s strategy to promote a cashless economy and address operational challenges in the banking sector.
The circular stated, “Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week.” It also directed that “all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer.” Additionally, the document highlighted, “Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00.”
The CBN emphasized that agent banking services must be carried out exclusively through designated float accounts and closely monitored to prevent unauthorized activities. It added, “Ensure that all daily transactions per agent, including withdrawals, limits of transactions and balances in the float accounts of each agent, are sent electronically to NIBSS as a report to the CBN.”
The apex bank warned that principals would be held accountable for any violations by their agents, with penalties including monetary fines and administrative sanctions. It also assured stakeholders that it would conduct impromptu checks to ensure compliance with the guidelines.
The CBN reaffirmed its commitment to fostering a secure and efficient cashless payment system, urging all stakeholders to comply with the new rules to enhance the integrity of Nigeria’s financial ecosystem.
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