The Central Bank of Nigeria (CBN) has introduced a daily withdrawal limit of ₦100,000 per customer for point-of-sale (PoS) terminals. This directive, announced in a circular titled “Cash-out limits for agent banking transactions,” applies to deposit money banks, microfinance banks, mobile money operators, and super-agents.
The CBN explained that the measures aim to address fraud, enhance industry standards, and create uniform operational practices. Other key provisions include a weekly cash withdrawal limit of ₦500,000 per customer, a daily agent cash-out limit of ₦1.2 million, and clear separation between agent banking and merchant activities. Agents must also comply with strict reporting and monitoring requirements.
The bank emphasized that any violations would attract penalties, including monetary or administrative sanctions. It also warned of random checks to enforce compliance and held principals accountable for the actions of their agents.