The Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer.
The Central Bank of Nigeria has set a daily withdrawal limit on point-of-sale terminals to N100,000 per customer.
According to the circular, the interventions aim to address identified challenges, combat fraud and establish uniform operational standards across the industry. i. Issuers shall set a cash withdrawal limit per customer to N500,000.00 per week,” the circular reads.“ii. Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer.“iv. Ensure that agent banking services are clearly demarcated from merchant activities and that agents apply the approved Agent Code 6010 for agent banking activities.“v.
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