The Central Bank of Nigeria (CBN) has introduced new restrictions on Point of Sales (PoS) transactions, capping agents’ daily cash-out limits at N1.2 million.
This update was outlined in the apex bank’s ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday. The policy aligns with the CBN’s ongoing drive to promote a cashless economy.
The circular, signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department, highlighted the need to enhance electronic payment channels within agency banking operations.
Key provisions of the policy include:
A N500,000 weekly cash withdrawal limit per customer, regardless of the transaction channel.
A N100,000 daily cash-out cap per customer for all agent banking terminals.
The N1.2 million cumulative daily cash-out limit for agents.
Data from the Nigeria Interbank Settlement System Plc shows that, as of July 2024, Nigeria had 3.05 million deployed PoS and 4.06 million registered PoS terminals, reflecting the system’s extensive reach.
The CBN believes these measures will strengthen the adoption of digital payment systems while maintaining efficiency in financial transactions.
