The Central Bank of Nigeria (CBN) has implemented new cash withdrawal limits for Point-of-Sale (PoS) transactions, effective immediately. According to a circular issued on December 17, 2024, each customer is now restricted to a maximum daily cash withdrawal of N100,000 through PoS terminals. Additionally, the cumulative cash-out limit per customer is capped at N500,000 per week.
For PoS agents, the CBN has set a daily cumulative cash-out limit of N1.2 million. This measure aims to enhance the use of electronic payment channels, address challenges in agent banking operations, and combat fraud within the financial system.
The CBN has directed all Deposit Money Banks (DMBs), Microfinance Banks, Mobile Money Operators, and Super-Agents to ensure compliance with these new limits. This includes configuring agent banking terminals to adhere to the specified daily maximum transaction limits and monitoring accounts associated with agents to identify any activities conducted outside designated float accounts.
To enforce these directives, the CBN plans to conduct oversight activities, including impromptu checks on back-end configurations. Non-compliance will attract severe penalties, such as monetary fines and administrative sanctions. The apex bank emphasizes that principals will be held accountable for all actions and omissions of their agents in line with the guidelines for regulating agent banking in Nigeria.
These measures are part of the CBN’s ongoing efforts to promote a cashless economy in Nigeria, standardize PoS operations, and encourage the adoption of electronic transactions across the country.
