Nigeria's Central Bank implements new limits on cash withdrawals from PoS terminals to encourage cashless transactions and bolster electronic payment systems.
The Central Bank of Nigeria ( CBN ) has announced a new daily transaction limit for Point of Sales (PoS) agents, restricting cash-outs to a maximum of N1.2 million. The policy is part of the apex bank's continued efforts to promote a cashless economy and enhance electronic payment systems. In a circular released on Tuesday, titled Cash-Out Limits for Agent Banking Transactions, the CBN outlined several measures aimed at advancing agency banking operations through electronic channels.
Signed by Oladimeji Yisa Taiwo, for the Director of Payments System Management Department, the circular emphasizes the importance of leveraging technology to streamline transactions. As of July 2024, Nigeria had 3.05 million PoS devices deployed across the country, with a total of 4.06 million registered terminals, according to the Nigeria Interbank Settlement System Plc (NIBSS). In addition to the PoS transaction limits, the CBN also set a weekly withdrawal cap for individual customers at N500,000, regardless of the transaction channel. Each PoS terminal will now have a daily maximum cash-out limit of N100,000 per customer, with a cumulative daily transaction limit of N1.2 million per agent
Central Bank Of Nigeria CBN Pos Agents Cashless Economy Electronic Payments Transaction Limits
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CBN sets daily withdrawal limit on POS to N100k per customerThe Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer.
Read more »
CBN imposes N150m fine on banks issuing new notes to hawkersThe Central Bank of Nigeria, CBN, has imposed a fine of N150 million on Deposit Money Banks found culpable of issuing illegal flow of mint naira notes to currency hawkers across the country. This was contained in a statement by the acting Director of Corporate Communications of the apex bank, Sidi Ali Hakama in Abuja.
Read more »
House of Reps to Investigate POS Fraud: CBN Governor, Bank MDs SummonedThe House of Representatives has called for the urgent implementation of verifiable documentation for Point of Sale (POS) users and fund
Read more »
Nigeria's Central Bank Limits Cash Withdrawals at POS TerminalsThe Central Bank of Nigeria (CBN) has imposed a daily withdrawal limit of N100,000 on point-of-sale (POS) terminals nationwide to combat cash scarcity and promote a cashless economy.
Read more »
South Korea's justice ministry imposes travel ban on president over martial law attemptAuthorities in South Korea have imposed an overseas travel ban on President Yoon Suk Yeol following his botched attempt to impose martial law.
Read more »
BREAKING: Supreme Court imposes N5m on ex-presidential candidate for harassing Tinubu with frivolous suitsThe Supreme Court on Monday in Abuja imposed a N5 million fine on a former presidential candidate, Ambrose Albert Owuru, for harassing President Bola Ahmed Tinubu with a frivolous and vexatious suit.
Read more »