The Central Bank of Nigeria (CBN) has imposed a daily withdrawal limit of N100,000 per customer on point-of-sale (PoS) terminals as part of its efforts to promote a cash-less economy
This move aims to address challenges such as fraud and establish consistent operational standards across the financial industry. The restriction was outlined in a circular sent to all deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents.
The circular also states that each agent’s daily cumulative cash-out limit must not exceed N1,200,000.
The CBN explained that the restriction will help distinguish agent banking services from merchant activities and ensure agents use the approved Agent Code 6010 for banking transactions.
Other guidelines include agent banking activities being conducted exclusively through float accounts maintained with principals, monitoring of accounts linked to agents’ BVNs to prevent activities outside designated float accounts, ensuring all agent terminals are connected to a PTSA, and electronic reporting of daily transactions, including withdrawals and float account balances, to NIBSS for submission to the CBN.
The CBN also emphasized that principals are fully responsible for their agents’ actions and omissions related to agent banking.
To ensure compliance, the CBN will conduct oversight, including surprise back-end configuration checks, and enforce penalties for any violations, including monetary or administrative sanctions.
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No chill
Hmmm