CBN Sets ₦1.2m Daily Transaction Limit for PoS Agents

The Central Bank of Nigeria (CBN) imposes a daily transaction limit of ₦1.2 million for Point-of-Sale (PoS) agents, aiming to enhance financial regulations.

The Central Bank of Nigeria (CBN) has imposed a daily transaction limit of N1.2 million on Point of Sales (PoS) agents.

This was disclosed in their “Circular on Cash-Out Limits for Agent Banking Transactions,” issued on Tuesday.

According to the circular, this development is part of the central bank’s initiative to promote a cashless economy.

“The Bank is issuing the following policy interventions, which are essential to improve the use of electronic payment channels for agency banking operations,” stated a circular signed by Oladimeji Yisa Taiwo on behalf of the Director, Payments System Management Department.

By July 2024, Nigeria had deployed 3.05 million PoS terminals and registered a total of 4.06 million, as reported by the Nigeria Interbank Settlement System Plc.

As part of this policy intervention, a cash withdrawal limit has been established at N500,000 per customer per week across all channels. Additionally, agent banking terminals now have a maximum transaction cash-out limit of N100,000 per customer daily and an overall daily cumulative cash-out cap for agents set at N1.2 million.