The Central Bank of Nigeria has set a daily transaction limit of N1.2 million for Point of Sale agents.
Additionally, the bank introduced a cap of N100,000 per customer for cash-out transactions at PoS terminals.
These measures are likely aimed at regulating cash flows and enhancing security in the financial system.
The CBN disclosed this in its “Circular on Cash-Out Limits for Agent Banking Transactions,” released on Tuesday and signed by Oladimeji Yisa Taiwo, on behalf of the Director of the Payments System Management Department at the CBN.
The CBN noted that this measure aligns with its ongoing efforts to promote a cashless economy.
“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 read.
The CBN stated that agent banking services must now be distinct from merchant activities, with agents required to use the approved Agent Code 6010 for agent banking transactions.
The circular, addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Superagents, emphasized the need for uniform operational standards, fraud prevention, and enhanced monitoring in the agent banking sector.
It also introduced a weekly withdrawal cap of N500,000 per customer, and instructed agents to clearly separate their banking services from other merchant activities, using the approved Agent Code 6010 for all transactions.
