The Central Bank of Nigeria (CBN) has imposed a daily withdrawal cap of N100,000 for each customer using point-of-sale (PoS) terminals.
This measure is part of the CBN’s ongoing initiative to promote a cashless economy, address existing challenges, reduce fraud, and create standardized operational protocols across the sector.
The announcement was made in a circular dispatched to all deposit money banks (DMBs), microfinance institutions, mobile money operators, and super-agents. It specifies that the cumulative daily withdrawal limit for each agent must not exceed N1,200,000.
According to the CBN, this restriction aims to differentiate agent banking services from merchant operations, requiring agents to utilize the approved Agent Code 6010 for all banking activities.
Furthermore, agents must conduct transactions solely through agent float accounts maintained with their respective principals. The CBN will also observe accounts linked to agents’ bank-verifiable numbers (BVNs) to detect any agent banking activities outside the designated float accounts.
All agent terminals are required to connect to a Payment Terminal Service Aggregator (PTSA). Additionally, all daily transactions per agent, including withdrawals and balance limits within the float accounts, must be reported electronically to the Nigeria Inter-Bank Settlement System (NIBSS) for the CBN’s review, with a reporting template provided to principals.
The CBN emphasized that principals are fully accountable for their agents’ actions or oversights related to agent banking services.
To ensure adherence, the CBN will conduct oversight measures, including unscheduled backend system checks. The bank also warned that it will impose penalties, including financial and administrative sanctions, for any violations of the regulations outlined in the circular.
