CBN Imposes N100,000 Daily Limit on Individual PoS Cash Transactions, N500,000 Weekly Limit

The Central Bank of Nigeria (CBN) has set a daily cash withdrawal limit of N100,000 per customer for Point-of-Sale (POS) agents. This move is part of the CBN‘s broader strategy to promote a cashless economy in Nigeria.

In a statement signed by Oladimeji Taiwo on behalf of the Director of the Payments System Management Department at the CBN and dated December 17, 2024, it instructed all Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Super-Agents, and all stakeholders to immediately comply to the new directives.

The apex bank also outlined significant measures to ensure compliance and uniform operational standards, combat fraud, and enhance the use of electronic payment systems in agency banking operations.

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Also, POS agents are to ensure that individual customer withdrawals do not exceed the N100,000 daily limit. They are also restricted to a cumulative cash-out limit of N1.2m per day, while customers face a maximum cash withdrawal limit of N500,000 per week.

“All principals of agents are to comply with the following directives immediately. 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,” part of the statement reads. 

In addition, CBN mandated that all agency banking operations must be solely carried out through float accounts maintained with the principal institutions. It stressed that the goal of the new measures is to address identified challenges in agent banking, enable the adoption of electronic payment channels, and prevent fraudulent activities.