In a bold move, the Central Bank of Nigeria (CBN) has imposed a daily transaction cap of N1.2 million on Point of Sales (PoS) agents. This announcement was made through the ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ which was issued on Tuesday.
The decision is part of the CBN’s ongoing push toward a fully cashless economy, aiming to streamline transactions and promote digital banking nationwide.
“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 boasts 3.05 million deployed Point of Sales (PoS) terminals and 4.06 million registered PoS devices, according to the Nigeria Interbank Settlement System Plc.
In line with its latest policy, the Central Bank of Nigeria has imposed a weekly cash withdrawal limit of N500,000 per customer, regardless of the withdrawal channel. Furthermore, each agent banking terminal is now restricted to a daily cash-out limit of N100,000 per customer, with the total daily cash-out limit for an agent capped at N1.2 million.
