*The Central Bank of Nigeria restricts Point of Sales agents to a daily transaction limit of N1.2 million as part of effort at advancing a cashless economy in the country鈥檚 financial ecosystem

Isola Moses | 绿帽献妻

As part of the measures to advance a cashless economy, the Central Bank of Nigeria (CBN) has restricted Point of Sales (PoS) agents to a daily transaction limit of N1.2 million.

The CBN disclosed this development Tuesday, December 17, 2024, in an announcement titled, 鈥淐ircular on Cash-Out Limits for Agent Banking Transactions鈥�.

Oladimeji Yisa Taiwo, in the circular issued on behalf of the Director, Payments System Management Department, said the banking sector regulator affirmed the move is in the Bankers Bank鈥檚 effort at improving a cashless economy in Nigeria.

The CBN further stated: 鈥淭he Bank hereby releases the following policy interventions, which have become necessary to enhance the use of electronic payment channels for agency banking operations.鈥�

It is recalled that as of July 2024, Nigeria had 3.05 million deployed PoS and 4.06 million registered PoS terminals, according to the Nigeria Interbank Settlement System (NIBSS) Plc.

It is equally noted that part of this policy intervention also set a cash withdrawal limit per customer (regardless of channel) at N500,000 per week.

Meanwhile, all agent banking terminals have been set to a daily maximum transaction cash-out limit of N100,000 per customer, while an agent鈥檚 daily cumulative cash-out limit is now limited to N1.2 million.