Di Central Bank of Nigeria (CBN) don set new rule for daily withdrawal on Point of Sale (POS) terminals. Dem limit am to N100,000 per customer.

Wetin be CBN reason?

CBN yarn say dem set dis new rule to promote cashless economy and combat fraud. Dem send circular to all deposit money banks (DMBs), microfinance banks, mobile money operators, and super agents.

CBN Sets Daily Cash-out Limit For POS Transactions At N100,000 Per Customer pic.twitter.com/Iix1WZRx2T

— Intel Region (@IntelRegion) December 18, 2024

CBN other rules

– Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week.

– Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer.

– Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00.

– Ensure that agent banking services are clearly demarcated from merchant activities and that agents apply the approved Agent Code 6010 for agent banking activities.

– Ensure that agency banking activities are consummated exclusively through agent float accounts maintained with the principals.

– Monitor accounts associated with the agents’ BVN(S) with a view to identifying agent banking activities which may be conducted outside the designated float account(s).

– Ensure that all agent terminals are connected to a PTSA.

– Ensure that all daily transactions per agent, including withdrawals, limits of transactions and balances in the float accounts of each agent, are sent electronically to NIBSS as a report to the CBN.

CBN Warn Agents

CBN warn say dem go conduct oversight activities, including impromptu back-end configuration checks to ensure compliance. Breach of di directives contained in di circular go attract appropriate penalties, including monetary and/or administrative sanctions.