Daily PoS withdrawal limited to N100,000

Daily withdrawals from Point of Sale (POS) terminals, have been limited to the sum of N100,000 per customer.

This was disclosed by the Central Bank of Nigeria (CBN), in a circular sent to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents.

CBN, in the circular titled ‘Cash-out limits for agent banking transactions,’ noted that the new directive is in line with the apex bank’s ongoing efforts to advance a cashless economy.

It stated that its aim is to address identified challenges, combat fraud and establish uniform operational standards across the industry.

“In view of the above, ALL principals of agents are to comply with the following directives immediately: i. Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week.

ii. Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer,” the circular read.