🗣CBN Introduces ₦100,000 Daily PoS Withdrawal Limit
The Central Bank of Nigeria (CBN) has implemented a ₦100,000 daily withdrawal limit on point-of-sale (PoS) terminals to promote a cashless economy, reduce fraud, and standardize agent banking operations.
🟠₦100,000 maximum daily cash-out limit per customer.
🟠A cumulative daily limit of ₦1.2 million per agent.
🟠Agent banking services must be distinct from merchant activities and use the Agent Code 6010.
The CBN warned that violations of these rules will result in monetary and administrative penalties. This measure aims to improve transaction security and streamline operations in the banking sector.
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The Central Bank of Nigeria (CBN) has implemented a ₦100,000 daily withdrawal limit on point-of-sale (PoS) terminals to promote a cashless economy, reduce fraud, and standardize agent banking operations.
🟠₦100,000 maximum daily cash-out limit per customer.
🟠A cumulative daily limit of ₦1.2 million per agent.
🟠Agent banking services must be distinct from merchant activities and use the Agent Code 6010.
The CBN warned that violations of these rules will result in monetary and administrative penalties. This measure aims to improve transaction security and streamline operations in the banking sector.
Nairaland Pulse News | Subscribe