The Central Bank of Nigeria (CBN) has introduced a daily transaction limit of ₦1.2 million for Point of Sale (PoS) agents, as part of its push towards a cashless economy.
This directive was detailed in the CBN’s Circular on Cash-Out Limits for Agent Banking Transactions, released on Tuesday.
Signed by Oladimeji Yisa Taiwo for the Director of the Payments System Management Department, the circular outlined policy measures aimed at promoting the adoption of electronic payment channels.
According to the Nigeria Interbank Settlement System Plc, Nigeria had 3.05 million deployed PoS and 4.06 million registered PoS terminals as of July 2024.
Under the new regulations, cash withdrawals per customer are capped at ₦500,000 weekly, irrespective of the transaction channel.
Additionally, PoS agents are now limited to a daily cash-out maximum of ₦100,000 per customer, with their cumulative daily cash-out transactions restricted to ₦1.2 million.
The CBN stated that these measures are crucial for enhancing the efficiency of agency banking operations and aligning with the nation’s cashless policy objectives.
