JUST IN: CBN Limits Daily PoS Withdrawals to N100,000 Per Customer

The Central Bank of Nigeria (CBN) has announced a daily withdrawal limit of N100,000 per customer for transactions conducted via point-of-sale (PoS) terminals. This measure is part of the apex bank’s ongoing drive to promote a cashless economy and address systemic challenges in the financial sector.

In a circular addressed to deposit money banks, microfinance banks, mobile money operators, and super-agents, the CBN outlined the new policy under the directive titled “Cash-out limits for agent banking transactions.” The circular highlighted the central bank’s commitment to combating fraud, enhancing operational standards, and ensuring uniformity across the financial ecosystem.

As part of the guidelines, the CBN mandated that principals of agent banking services adhere to the following:

A weekly withdrawal limit of N500,000 per customer across all channels.

A maximum daily cash-out limit of N100,000 per customer through PoS terminals.

A cumulative daily cash-out limit of N1,200,000 for each agent.

Additionally, the CBN directed that agent banking services must be distinctly separated from merchant activities, with agents required to use the approved Agent Code 6010. Transactions should be conducted exclusively through agent float accounts maintained with principals, who are expected to closely monitor these accounts to prevent unauthorized banking activities.

The CBN emphasized the importance of compliance, including the submission of daily transaction reports from agents to the Nigeria Inter-Bank Settlement System (NIBSS). Principals will also be held accountable for any misconduct or violations by their agents.

To ensure adherence, the CBN warned of oversight activities, including unannounced back-end checks. Non-compliance with the new directives will attract penalties, which may include monetary fines or administrative sanctions.