CBN limits daily withdrawal on POS to N100,000.

CBN limits daily withdrawal on POS to N100,000.

The Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer.

In a circular sent to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents, titled ‘Cash-out limits for agent banking transactions,’ CBN noted that the new directive is in line with the apex bank’s ongoing efforts to advance a cashless economy.

According to the circular, the interventions aim 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.