The Central Bank of Nigeria (CBN) has announced a daily transaction limit of N1.2 million for Point of Sale (PoS) agents as part of its efforts to promote a cashless economy.
The directive was detailed in a circular titled “Circular on Cash-Out Limits for Agent Banking Transactions” issued on Tuesday and signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department.
The circular stated that the policy is aimed at enhancing the use of electronic payment channels for agency banking operations.
According to data from the Nigeria Interbank Settlement System (NIBSS), Nigeria had 3.05 million deployed PoS terminals and 4.06 million registered terminals as of July 2024.
The policy also imposes a weekly cash withdrawal limit of N500,000 per customer across all channels. Additionally, cash-out transactions on agent banking terminals are capped at N100,000 per customer daily, while agents’ cumulative daily cash-out transactions cannot exceed N1.2 million.
