CBN Limits Daily POS Withdrawals to N100k Per Person |Omohglobalnews

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

This was revealed in its ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday.

According to the circular, the development is in the apex bank’s effort to advance a cashless economy.

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It also said the interventions aim to address identified challenges, combat fraud and establish uniform operational standards across the industry.

The statement reads; “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,” the circular reads.

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

“iii. Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00.

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“iv. Ensure that agent banking services are clearly demarcated from merchant activities and that agents apply the approved Agent Code 6010 for agent banking activities.

“v. Ensure that agency banking activities are consummated exclusively through agent float accounts maintained with the principals.

“vi. Monitor accounts associated with the agents’ BVN(S) with a view to identifying agent banking activities which may be conducted outside the designated float account(s).

“vii. Ensure that all agent terminals are connected to a PTSA

“viii. Ensure that all daily transactions per agent, including withdrawals, limits of transactions and balances in the float accounts of each agent, are sent electronically to NIBSS as a repot to the CBN. The template of this report will be sent to principals.”

CBN said as stated in the guidelines for the regulation of agent banking and agent banking relationships in Nigeria, principals would be held fully responsible and liable for all actions and omissions of their agents related to agent banking services.

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The apex bank also warned that it would conduct oversight activities, including impromptu back-end configuration checks to ensure compliance.

CBN said breach of the directives contained in the circular will attract appropriate penalties including monetary and/or administrative sanctions.