The Central Bank of Nigeria (CBN) on Wednesday announced a daily withdrawal limit on Point Of Sale (PoS) terminals to N100,000 per customer.
The circular PSMIDIR/PUB/CIR/001/057 dated December 17, 2024, was sent to all Deposit Money Banks (DMB), Microfinance Banks, Mobile Money Operators and Super Agents.
According to the circular issued by the Director of the Payments System Management Department at CBN Oladimeji Taiwo, the interventions aim to address identified challenges, combat fraud and establish uniform operational standards across the industry.
The CBN directed all agents to comply with the directives immediately.
It reads, “Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week
“Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer
“Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00
“Ensure that agent banking services are demarcated from merchant activities and that agents apply the approved Agent Code 6010 for agent banking activities.
“Ensure that agency banking activities are consummated exclusively through agent float accounts maintained with the principals
“Monitor accounts associated with the agents’ BVN(s) to identify agent banking activities which may be conducted outside the designated floats account(s)
“Ensure that all agent terminals are connected to a PTSA.
“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 report to the CBN”.
The apex bank said it will conduct an oversight of the aforementioned actions including impromptu back-end configuration checks to ensure that all principals and their agents comply.
