The Central Bank of Nigeria (CBN) has introduced a daily transaction limit of N1.2 million for Point of Sale (PoS) agents as part of its efforts to promote a cashless economy.
This was disclosed in a circular titled “Cash-Out Limits for Agent Banking Transactions”, issued on Tuesday and signed by Oladimeji Yisa Taiwo on behalf of the Director, Payments System Management Department. The policy outlines measures aimed at enhancing the use of electronic payment channels for agency banking operations.
According to the circular, PoS agents will now have a maximum daily cash-out limit of N100,000 per customer and a cumulative daily limit of N1.2 million. Additionally, cash withdrawals per customer across all channels have been capped at N500,000 per week.
“As of July 2024, Nigeria had 3.05 million deployed PoS terminals and 4.06 million registered PoS terminals,” the CBN noted, referencing data from the Nigeria Interbank Settlement System Plc.
The policy is part of the apex bank’s broader initiative to encourage electronic transactions and reduce reliance on cash-based operations.
