Union Bank has commenced the implementation of a daily withdrawal limit on point-of-sale (PoS) terminals.
Union Bank has commenced the implementation of a daily withdrawal limit on point-of-sale terminals.by the Central Bank of Nigeria on December 17, 2024, limiting the daily withdrawal limit on PoS to N100,000 per customer.
According to CBN, the intervention is aimed at addressing identified challenges, combating fraud and establishing uniform operational standards across the industry. Six weeks later, Union Bank, in an email to customers seen by TheCable, said implementation of the daily withdrawal limit has commenced and customers are limited to a weekly withdrawal of N500,000 on PoS.“In line with CBN directives, please note that effective immediately, the daily withdrawal limit on POS is now N100,000, while the weekly limits are now fixed at N500,000,” the email reads.
“Our ATMs are also available for your cash withdrawals. We encourage you to use our alternative channels for all your transactions.”nine banks for failing to ensure cash availability via automated teller machines during the festive season.following spot checks that revealed noncompliance with the apex bank’s cash distribution guidelines.
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.
Police: Refusal to assist officers under attack leads to N100k fine, jail termThe Nigerian Police Force (NPF) says refusal to assist officers under attack carries a fine of N100, 000 and three months in jail
Read more »
Anyone refusing to assist officers in danger of assault earns N100K fine, Police warnsA Trusted Nigerian Newspaper
Read more »
Nigerian Army Clarifies POS Operator's Arrest Over Kidnapping AllegationsThe Nigerian Army has addressed claims of illegal detention and clarified the arrest of POS operator, Nansak Selbar, in Plateau State. Selbar is accused of facilitating kidnappings and aiding terrorist groups by receiving ransom payments. The Army denies allegations of Major General Nansak Shagaya's involvement and insists on Selbar's detention being lawful.
Read more »
Nigeria: POS Operator Jailed for FraudWaheed Salako, a Point of Sales (POS) operator in Ogun State, Nigeria, was sentenced to three months imprisonment for obtaining N200,000 under false pretences.
Read more »
African Union: Leadership towards the future, By Bunmi MakinwaThe individual elected will lead the secretariat of the African Union (AU) for four years, with the possibility for a mandate renewal.
Read more »
President Tinubu Distributes Rice to Student Union LeadersPresident Bola Tinubu has distributed bags of rice to Student Union Government (SUG) Presidents from all 36 states and the Federal Capital Territory. The gesture, facilitated by the Special Adviser on Students Engagement Asefon Sunday, is part of the President's ongoing efforts to support students, particularly during the festive season. This initiative was hailed as unprecedented, marking the first time a sitting President directly reaches out to student leaders during the holidays.
Read more »