The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day. The Central Bank of Nigeria (CBN) has introduced a daily cash withdrawal limit of ₦100,000 per customer for Point-of-Sale (PoS) transactions.
In a circular titled ‘Cash-out Limits for Agent Banking Transactions,’ addressed to all deposit money banks, microfinance banks, mobile money operators, and super-agents, the CBN outlined measures to promote a cashless economy, address challenges, combat fraud, and establish uniform operational standards across the industry. Key directives include: Weekly Cash Withdrawal Limit: Issuers are to set a cash withdrawal limit of ₦500,000 per customer, regardless of the channel. Daily PoS Transaction Limit: Agent banking terminals must enforce a daily maximum cash-out limit of ₦100,000 per customer. Agent Daily Cumulative Limit: Each agent’s total daily cash-out transactions should not exceed ₦1,200,000. Separation of Services: Agent banking services must be clearly distinguished from merchant activities, utilizing the approved Agent Code 6010 for agent banking operations. Exclusive Use of Agent Float Accounts: Agency banking activities should be conducted exclusively through agent float accounts maintained with the principals. Monitoring of Agent Accounts: Principals are to monitor accounts associated with agents’ Bank Verification Numbers (BVNs) to identify any agent banking activities conducted outside designated float accounts. Connection to PTSA: All agent terminals must be connected to a Payment Terminal Service Aggregator (PTSA). Electronic Reporting to NIBSS: Daily transactions per agent, including withdrawals, transaction limits, and balances in float accounts, must be electronically reported to the Nigeria Inter-Bank Settlement System (NIBSS) for submission to the CBN. The CBN will provide a reporting template to principals. The CBN emphasized that principals will be held fully responsible and liable for all actions and omissions of their agents related to agent banking services. The apex bank also warned that it would conduct oversight activities, including impromptu back-end configuration checks, to ensure compliance. Non-compliance with these directives will attract appropriate penalties, including monetary and/or administrative sanctions.
These measures are part of the CBN’s ongoing efforts to advance a cashless economy in Nigeria.
