The Central Bank of Nigeria (CBN) has introduced a new policy to strengthen its drive towards a cashless economy, setting a daily maximum transaction cash-out limit of N100,000 per customer for agency banking operators, also known as Point of Sale (PoS) operators.
This directive, outlined in a circular issued on Tuesday by the CBN’s Payments System Management Department and signed by Oladimeji Yisa Taiwo, aims to enhance the use of electronic payment channels, address operational challenges, combat fraud, and establish uniform standards across the industry.
According to the circular, the CBN has mandated that issuers must limit cash withdrawals to a maximum of N500,000 per customer per week across all channels.
Additionally, PoS terminals are to enforce a daily transaction cash-out limit of N100,000 per customer, with the total daily cash-out transactions by any agent not exceeding N1,200,000. These measures are designed to streamline cash handling and encourage the adoption of digital payment systems.
To ensure transparency and proper oversight, the CBN has directed that all agency banking activities be conducted exclusively through designated float accounts maintained by the agents’ principals.
