The Central Bank of Nigeria (CBN) has set a daily withdrawal limit of N100,000 per customer on point-of-sale (PoS) terminals as part of its ongoing efforts to promote a cash-less economy. This move aims to address issues such as fraud and establish uniform operational standards across the financial industry. The restriction was communicated in a circular issued to all deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents.

The circular also specifies that the daily cumulative cash-out limit for each agent should not exceed N1,200,000.

The CBN explained that the restriction will help clearly separate agent banking services from merchant activities and ensure agents use the approved Agent Code 6010 for banking transactions.

Additional directives include ensuring that agent banking activities are conducted exclusively through float accounts maintained with principals, monitoring accounts associated with agents’ BVNs to prevent activities outside designated float accounts, ensuring all agent terminals are connected to a PTSA, and electronically reporting daily transactions, including withdrawals and float account balances, to NIBSS for submission to the CBN.

The CBN further emphasized that principals are fully responsible for the actions and omissions of their agents concerning agent banking services. To ensure compliance, the CBN will conduct oversight, including surprise back-end configuration checks, and impose penalties for any breaches, including monetary or administrative sanctions.