The Central Bank of Nigeria (CBN) has imposed a daily transaction limit of N1.2 million for Point of Sales (PoS) agents, as part of its ongoing efforts to promote a cashless economy.
This new policy was outlined in the CBN’s “Circular on Cash-Out Limits for Agent Banking Transactions,” released on Tuesday.
The circular, signed by Oladimeji Yisa Taiwo for the Director of the Payments System Management Department, highlights the bank’s commitment to enhancing the use of electronic payment channels in agency banking.
According to the Nigeria Interbank Settlement System Plc, as of July 2024, there were 3.05 million deployed PoS devices and 4.06 million registered PoS terminals in Nigeria.
In addition to the PoS transaction limit, the policy introduces a weekly cash withdrawal cap of N500,000 per customer, regardless of the channel. PoS terminals are also now subject to a daily maximum cash-out limit of N100,000 per customer, while the cumulative daily cash-out limit for each agent is set at N1.2 million.
