CBN Imposes Daily Withdrawal Limit Of ₦100,000 On PoS Transactions, See Details

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.


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