CBN Restricts POS Agents To N1.2m Daily Limit Transaction
The Central Bank of Nigeria (CBN) has introduced a daily transaction limit of N1.2 million for Point of Sale (PoS) agents.
This was detailed in the bank’s ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ issued on Tuesday.
The circular stated that the move aligns with the CBN’s push toward promoting a cashless economy. “The Bank hereby announces the following policy measures, deemed necessary to strengthen the adoption of electronic payment systems for agency banking activities,” the notice, signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department, outlined.
As of July 2024, data from the Nigeria Interbank Settlement System Plc showed 3.05 million deployed PoS and 4.06 million registered PoS terminals across the country.
Additionally, the policy imposes a cash withdrawal limit of N500,000 per customer per week, regardless of the transaction channel. Agent banking terminals are now capped at a daily cash-out limit of N100,000 per customer, with agents restricted to a total daily cash-out transaction limit of N1.2 million.
