The Central Bank of Nigeria (CBN) has set a daily withdrawal limit of N100,000 per customer on point-of-sale (PoS) terminals.
The restriction, in line with the apex bank’s ongoing efforts to advance a cash-less economy, will help address identified challenges, combat fraud and establish uniform operational standards across the industry.
The restriction was contained in a circular issued to all deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents.
The circular orders that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00.
The CBN said the restriction will “ensure that agent banking services are clearly demarcated from merchant activities and that agents apply the approved Agent Code 6010 for agent banking activities.
“Ensure that agency banking activities are consummated exclusively through agent float accounts maintained with the principals.
“Monitor accounts associated with the agents’ BVN(S) with a view to identifying agent banking activities which may be conducted outside the designated float account(s).
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“Ensure that all agent terminals are connected to a PTSA
“Ensure that all daily transactions per agent, including withdrawals, limits of transactions, and balances in the float accounts of each agent, are sent electronically to NIBSS as a report to the CBN. The template of this report will be sent to principals.”
CBN warned that principals will be fully responsible and liable for actions and omissions of their agents related to agent banking services.
To ensure compliance, CBN promised to conduct oversight activities, including impromptu back-end configuration checks.
The apex bank vowed to enforce penalties including monetary and/or administrative sanctions for breach of the directives in the circular.
