CBN Sets Daily PoS Withdrawal Limit to N100,000, Imposes N500,000 Weekly Limit

Oluwasegun SanusiDecember 18, 20241 Mins read1.1k

The Central Bank of Nigeria (CBN) has introduced a daily cash withdrawal limit of N100,000 for point-of-sale (PoS) terminals per customer.

The directive said to be part of its efforts to advance the cashless economy initiative and combat fraudulent activities was announced in a circular titled “Cash-out limits for agent banking transactions.” The apex bank directed deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents to comply with the new rules immediately.

“CBN sets cash withdrawal (cash-out) limit of N500,000 per customer across all channels. Transactions on PoS terminals are now restricted to a maximum of N100,000 per customer daily.

In view of the above, ALL principals of agents are to comply with the following directives immediately:
i. Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week, ii. Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer, “iii. Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00,” the circular reads in part.

According to the CBN, agent activities must be carried out exclusively via float accounts maintained with the principals, with monitoring of associated BVNs to detect unauthorised transactions.

Daily transaction data, including limits and balances, must be electronically submitted to the Nigeria Inter-Bank Settlement System (NIBSS) in a prescribed format.

The circular emphasised that banks would be held fully accountable for their agents’ compliance with these directives.

Additionally, the CBN will conduct random oversight and back-end configuration checks to enforce adherence. The CBN warned that breaches of the directives would attract penalties, ranging from monetary fines to administrative sanctions.

Funke Akindele’s Everybody Loves Jenifa Breaks Nollywood Records With ₦206 Million Opening Weekend Box office