The Central Bank of Nigeria (CBN) has imposed a daily transaction limit of N1.2 million for Point of Sales (PoS) agents.
This announcement was made in the CBN’s ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ issued on Tuesday.
The move is part of the apex bank’s ongoing efforts to promote a cashless economy.
“The Bank hereby releases the following policy interventions, which have become necessary to enhance the use of electronic payment channels for agency banking operations,” the circular signed by Oladimeji Yisa Taiwo for the Director, Payments System Management Department, read.
As of July 2024, Nigeria had 3.05 million active Point of Sale (PoS) terminals and 4.06 million registered PoS terminals, as reported by the Nigeria Interbank Settlement System Plc.
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The policy intervention also introduced a cash withdrawal limit of N500,000 per customer per week, applicable across all channels. Additionally, agent banking terminals now have a daily cash-out limit of N100,000 per customer, while the total daily cash-out limit for each agent is capped at N1.2 million.
