The Organised Private Sector has expressed opposition to the Central Bank of Nigeria’s (CBN) decision to impose a limit on withdrawals from Point-of-Sale (POS) agents, arguing that the move demonstrates a disconnect with the realities faced by Nigerians.
As part of its efforts to advance the cashless policy, the CBN introduced a daily cash withdrawal limit of N100,000 per individual customer for POS transactions. This decision, outlined in a circular dated December 17, 2024, is directed at Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Super-Agents, mandating immediate compliance by all parties involved.
The circular, signed by Oladimeji Taiwo on behalf of the Director of the Payments System Management Department at the CBN, included measures to standardize operations, reduce fraud, and promote the use of electronic payment systems in agency banking. According to the directive, POS agents must ensure that no customer withdraws more than N100,000 daily, while the total cash-out limit per agent is capped at N1.2 million per day. Additionally, customers are limited to a maximum weekly withdrawal of N500,000.
The circular specifies that all principals of agent operations must comply with these limits immediately. It further mandates that all transactions must be conducted through float accounts maintained with the principal institutions and that agent banking services must be clearly separated from other merchant activities, using the designated Agent Code 6010 for transactions.
Additionally, principals are required to monitor the accounts linked to their agents’ Bank Verification Numbers (BVNs) to detect any unauthorized activities. They will also be held fully accountable for their agents’ actions and omissions concerning banking services.
