The Central Bank of Nigeria (CBN) has set a daily transaction limit of N1.2 million for Point of Sale (PoS) agents, as part of its drive to promote a cashless economy.
This was disclosed in a circular titled “Circular on Cash-Out Limits for Agent Banking Transactions,” released on Tuesday. Signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department, the circular outlines policy measures to encourage the adoption of electronic payment systems across the country.
“The Bank hereby releases the following policy interventions, which have become necessary to enhance the use of electronic payment channels for agency banking operations,” the document stated.
As of July 2024, Nigeria had 3.05 million deployed PoS devices and 4.06 million registered PoS terminals, according to data from the Nigeria Interbank Settlement System Plc.
Under the new policy, cash withdrawals per customer, regardless of the channel, are capped at N500,000 weekly. Additionally, each agent banking terminal is restricted to a daily cash-out limit of N100,000 per customer, while the cumulative daily transaction limit for agents is pegged at N1.2 million.
The initiative reflects the apex bank’s commitment to reducing cash transactions and boosting the adoption of electronic payment platforms across Nigeria.
