The Central Bank of Nigeria (CBN) has introduced a daily cash withdrawal limit of N100,000 per customer for Point of Sale (POS) transactions.
This new directive, issued on December 17, 2024, is part of the CBN’s efforts to standardise agency banking operations, promote electronic payment systems and further advance Nigeria’s cashless economy.
The policy was detailed in a circular signed by Oladimeji Taiwo, on behalf of the Director of the Payments System Management Department.
The circular, addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators and Superagents, highlights the importance of uniform operational standards and improved fraud monitoring in the agent banking sector.
The circular outlined several critical measures for principals of agent banking operations to implement immediately: POS agents must ensure no individual customer withdraws more than N100,000 daily, regardless of the channel; each agent’s total cash-out transactions should not exceed N1,200,000 daily; customers are restricted to a maximum cash withdrawal of N500,000 per week; agents are required to clearly demarcate their banking services from other merchant activities and use the approved Agent Code 6010 for all transactions.
Also, all agency banking activities must be conducted through float accounts maintained with the principal institutions; institutions must monitor accounts linked to agents’ BVNs to identify any unauthorised banking activities outside designated float accounts; agents are required to connect their terminals to the Payments Terminal Service Aggregator (PTSA) and send daily transaction reports to the Nigerian Inter-Bank Settlement System (NIBSS) electronically.
The CBN reiterated that all principals remain responsible for the actions and omissions of their agents in relation to banking services.
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