The Central Bank of Nigeria (CBN) has introduced a daily withdrawal limit of N100,000 per customer on Point-of-Sale (POS) terminals. This directive is part of the apex bank’s efforts to strengthen Nigeria’s transition to a cashless economy.
In a circular addressed to deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents, titled “Cash-out Limits for Agent Banking Transactions,” the CBN outlined the new policy as a measure to curb fraud, address operational challenges, and standardize practices across the financial sector.
The circular specified two key mandates:
- Weekly Cash Withdrawal Limit: A cap of N500,000 per customer, regardless of the transaction channel.
- Daily POS Cash-out Limit: A maximum of N100,000 per customer for agent banking terminals.
The CBN emphasized that all stakeholders in the financial ecosystem, particularly principals of agent operators, are required to implement the directives immediately.
This development aligns with the CBN’s broader goal of promoting digital payments and reducing reliance on physical cash transactions.
