Yemi Obafemi
In a bid to promote a cashless economy, the Central Bank of Nigeria (CBN) has set a daily transaction limit of N1.2 million for Point of Sales (PoS) agents.
The apex bank stated this in its ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday.
The circular which was signed by the Director, Payments System Management Department, Oladimeji Yisa Taiwo, revealed the reason for the policy.
“The Bank hereby releases the following policy interventions, which have become necessary to enhance the use of electronic payment channels for agency banking operations.”
As of July 2024, Nigeria boasted 3.05 million deployed Point of Sales (PoS) terminals and 4.06 million registered PoS terminals, as reported by the Nigeria Interbank Settlement System Plc.
- A weekly cash withdrawal limit of N500,000 per customer, regardless of the channel.
- A daily maximum transaction cash-out limit of N100,000 per customer for all agent banking terminals.
- A daily cumulative cash-out limit of N1.2 million for agents.
