The Central Bank of Nigeria (CBN) has restricted Point of Sales (PoS) agents to a daily transaction limit of N1.2 million.
This was revealed in its ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday.
According to the circular, the development is in the apex bank’s effort to advance a cashless economy.
“The Bank hereby releases the following policy interventions, which have become necessary to enhance the use of electronic payment channels for agency banking operations,” the circular signed by Oladimeji Yisa Taiwo for the Director, Payments System Management Department, read.
As of July 2024, Nigeria had 3.05 million deployed PoS and 4.06 million registered PoS terminals, according to the Nigeria Interbank Settlement System Plc.
Part of this policy intervention also set a cash withdrawal limit per customer (regardless of channel) at N500,000 per week. All agent banking terminals are now set to a daily maximum transaction cash-out limit of N100,000 per customer, and an agent’s daily cumulative cash-out limit is now pegged at N1.2 million.