The Central Bank of Nigeria (CBN) has limited daily withdrawals on point-of-sale (PoS) terminals to certain amount per customer.

In a circular to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents, titled ‘Cash-out limits of N100,000 for agent banking transactions,’ CBN said the restriction is in line with the apex bank’s ongoing efforts to advance a cash-less economy.

According to the circular, the interventions aim to address identified challenges, combat fraud and establish uniform operational standards across the industry.

The circular 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.

“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.”