Banks in Nigeria have commenced the enforcement of new limits on Point-of-Sale (PoS) withdrawals, capping daily transactions at N100,000 and weekly transactions at N500,000 per customer.
The implementation follows a directive issued by the Central Bank of Nigeria (CBN) on December 17, 2024, aimed at addressing operational challenges, combating fraud, and ensuring uniform standards across the financial industry.
Union Bank confirmed the enforcement in a message to its customers, stating, “In line with CBN directives, please note that effective immediately, the daily withdrawal limit on PoS is now N100,000, while the weekly limits are now fixed at N500,000.”
The bank also reminded customers to utilize its alternative channels, including mobile banking apps and USSD platforms, for transactions beyond cash withdrawals.
This development comes shortly after the CBN sanctioned nine banks for failing to ensure cash availability at Automated Teller Machines (ATMs) during the festive season.
The withdrawal limits are expected to encourage electronic transactions while reducing reliance on cash-based operations in the banking sector.