CBN Sets ₦1.2 Million Daily Transaction Limit For PoS Agents

CBN Sets ₦1.2 Million Daily Transaction Limit For PoS Agents

The Central Bank of Nigeria (CBN) has introduced new guidelines in its *Circular on Cash-Out Limits for Agent Banking Transactions,* released on Tuesday. The circular, aimed at promoting a cashless economy, outlined policy measures to enhance the adoption of electronic payment channels for agency banking.

“The Bank hereby releases the following policy interventions, which have become necessary to enhance the use of electronic payment channels for agency banking operations,” the circular stated. It was signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department.

As of July 2024, Nigeria had 3.05 million deployed PoS terminals and 4.06 million registered PoS terminals, according to the Nigeria Interbank Settlement System Plc (NIBSS).

The new policy introduces a weekly cash withdrawal limit of ₦500,000 per customer across all channels. Additionally, agent banking terminals now have a daily cash-out limit of ₦100,000 per customer, while the cumulative daily cash-out limit for agents is capped at ₦1.2 million.