The Central Bank of Nigeria (CBN) has limited daily withdrawals from Point of Sale (POS) terminals to the sum of N100,000 per customer.
Edum News reports that the new development was disclosed by the apex bank in a circular sent to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents.
CBN, in the circular titled ‘Cash-out limits for agent banking transactions,’ noted that the new directive is in line with the it’s ongoing efforts to advance a cashless economy.
It further stated that its aim is to address identified challenges, combat fraud and establish uniform operational standards across the industry.
The circular partly reads, “In view of the above, ALL principals of agents are to comply with the following directives immediately: i. Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week.
ii. Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer.”
