CBN Imposes Daily Limit Transaction On PoS Agents

The Central Bank of Nigeria (CBN) has imposed a daily transaction limit of N1.2 million for Point of Sales (PoS) agents.

This announcement was made in the CBN’s ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ issued on Tuesday.

The move is part of the apex bank’s ongoing efforts to promote a cashless economy.

Read Also: CBN Gives Update On Validity Of Old ₦1000, ₦500, ₦200 Notes

“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 circular signed by Oladimeji Yisa Taiwo for the Director, Payments System Management Department, read.

As of July 2024, Nigeria had 3.05 million active Point of Sale (PoS) terminals and 4.06 million registered PoS terminals, as reported by the Nigeria Interbank Settlement System Plc.

The policy intervention also introduced a cash withdrawal limit of N500,000 per customer per week, applicable across all channels. Additionally, agent banking terminals now have a daily cash-out limit of N100,000 per customer, while the total daily cash-out limit for each agent is capped at N1.2 million.

For More Information And News Update, Join Informant Online WhatsApp Channel With Link Below:

https://whatsapp.com/channel/0029VaihFajBadmT29ufud2Z

 

Related articles

Where To Buy Petrol At N935 Per Litre From Monday

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has...

Tinubu Reacts To Death Of Retired Supreme Court Judge, Argungu

President Bola Tinubu has expressed profound sorrow over the...

Organisers Speak After Stampede In Anambra

The Obijackson Foundation has expressed its "deep sorrow" over...

Real Reason I Was Sentenced To Death – Osun ‘Boy’ Convicted Of Fowl Theft

Nigerians were shocked on Tuesday as social media became...

Former Rivers Governor Dies In Abuja

Major General Godwin Osagie Abbe (retd), the former Military...

LEAVE A REPLY

Please enter your comment!
Please enter your name here