The Central Bank of Nigeria (CBN) has introduced a daily withdrawal limit of N100,000 for Point-of-Sale (PoS) transactions as part of its efforts to advance a cashless economy.
This was disclosed in a circular titled “Cash-out Limits for Agent Banking Transactions” addressed to deposit money banks, microfinance banks, mobile money operators, and super-agents.
According to the circular, “Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week,” adding that all agent banking terminals must adhere to a daily maximum transaction cash-out limit of N100,000 per customer. It also specified, “Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00.”
The circular further emphasized that agent banking services must be conducted exclusively through designated float accounts maintained with principals and 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 CBN reiterated that principals would bear full responsibility for their agents’ actions, warning that non-compliance would attract penalties, including monetary fines or administrative sanctions.
It also pledged to conduct oversight activities, including unannounced backend checks, to enforce compliance.
The apex bank maintained that the measures are necessary to strengthen the cashless policy, prevent fraud, and ensure uniformity in agent banking operations across Nigeria.
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