The Central Bank of Nigeria (CBN) has announced a daily withdrawal limit of N100,000 for transactions conducted through Point of Sale (PoS) terminals.
This directive was detailed in a circular addressed to deposit money banks, microfinance banks, mobile money operators, and super-agents. The circular, titled “Cash-out limits for agent banking transactions,” outlines the new policy as part of CBN’s strategy to promote a cashless economy, tackle fraud, and standardize operations across the financial sector.
The circular stated:
“In view of the above, ALL principals of agents are to comply with the following directives immediately:
- Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week.
- Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer.”
The move aligns with the apex bank’s ongoing reforms to enhance transparency and reduce risks within the financial ecosystem.
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