The Central Bank of Nigeria (CBN) has imposed new restrictions on daily transaction limits for Point of Sale (PoS) agents as part of its efforts to promote a cashless economy.
According to a circular titled ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday, PoS agents are now limited to a cumulative daily transaction ceiling of ₦1.2 million.
This new policy is aimed at encouraging the use of electronic payment systems across the country. The circular, signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department, outlined several interventions intended to enhance the efficiency of agency banking operations and further Nigeria’s transition to a cashless economy.
The policy specifies that individual customers will now be restricted to a weekly cash withdrawal limit of ₦500,000, regardless of the transaction channel.
Furthermore, the maximum daily cash-out limit for any customer using agent banking terminals is set at ₦100,000. For PoS agents, their total daily transactions must not exceed ₦1.2 million.
According to data from the Nigeria Interbank Settlement System Plc (NIBSS), as of July 2024, Nigeria had 3.05 million deployed PoS machines and 4.06 million registered PoS terminals.
This policy shift is part of the CBN’s broader strategy to expand the use of electronic payment systems while reducing dependence on physical cash.
