The Central Bank of Nigeria (CBN) has introduced a daily transaction limit of ₦1.2 million for Point of Sales (PoS) agents, as part of its efforts to promote a cashless economy. This was outlined in the CBN’s ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday.
The circular, signed by Oladimeji Yisa Taiwo for the Director of Payments System Management Department, emphasises the need to enhance the use of electronic payment channels for agency banking operations. As of July 2024, Nigeria had 3.05 million deployed PoS devices and 4.06 million registered PoS terminals, according to the Nigeria Interbank Settlement System Plc.
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Under the new policy, cash withdrawals per customer will be capped at ₦500,000 per week across all channels. Additionally, each agent banking terminal will now have a daily cash-out limit of ₦100,000 per customer, while an agent’s total daily cash-out limit is set at ₦1.2 million.
This move is part of the CBN’s ongoing efforts to reduce reliance on cash and promote electronic transactions within the country.
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