The Central Bank of Nigeria (CBN) has announced a new restriction on Point of Sale (PoS) agents, setting a daily transaction limit of N1.2 million.
The directive, outlined in the ‘Circular on Cash-Out Limits for Agent Banking Transactions’ released on Tuesday, is part of the central bank’s broader efforts to promote a cashless economy.
The circular, signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department, aims to encourage the use of electronic payment channels for agency banking operations.
It is part of the CBN’s policy interventions designed to streamline and enhance the efficiency of financial transactions in the country.
According to the circular, the new guidelines include a cap on cash withdrawals, with each customer limited to N500,000 per week across all banking channels.
Additionally, each PoS terminal now has a daily cash-out limit of N100,000 per customer, while the cumulative daily cash-out limit for agents is pegged at N1.2 million.
As of July 2024, Nigeria had 3.05 million deployed PoS devices and 4.06 million registered PoS terminals, according to data from the Nigeria Interbank Settlement System (NIBSS).
The CBN’s move is seen as part of its ongoing efforts to enhance the adoption of digital payment systems while managing the flow of cash in the economy.
