• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, August 5, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

CBN Sets N100,000 Daily Withdrawal Limit On PoS

by Ruth Nwokwu
8 months ago
in News
CBN
Share on WhatsAppShare on FacebookShare on XTelegram

The Central Bank of Nigeria (CBN) has introduced a daily transaction limit of N100,000 per customer for cash-out transactions conducted by Point of Sale (POS) agents.

Advertisement

This policy was issued in a new directive issued on Tuesday, and signed by Oladimeji Yisa Taiwo for the Director of the Payments System Management Department at the CBN.

The policy aims to streamline agency banking operations, encourage electronic payment adoption, and enhance the country’s cashless economy drive.

The circular, which was addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Superagents, emphasises the need for uniform operational standards, fraud prevention, and improved monitoring within the agent banking sector.

The circular outlined that POS agents must ensure no individual customer withdraws more than N100,000 daily, regardless of the channel, and that each agent’s total cash-out transactions should not exceed N1,200,000 daily.

RELATED

NAICOM Grants Crown Takaful Insurance Approval To Kickstart Operations

Regulator Bars Insurtech From Insuring Oil & Gas, Marine Sectors, Others

7 minutes ago
UACN Reports N110.4bn Revenue As Consumer Demand Surges

UACN Reports N110.4bn Revenue As Consumer Demand Surges

8 minutes ago

Customers were restricted to a maximum cash withdrawal of N500,000 per week while agents were required to separate their banking services from other merchant activities and use the approved Agent Code 6010 for all transactions.

The new directive also noted that all agency banking activities must be conducted through float accounts maintained with the principal institutions and that institutions must monitor accounts linked to agents’ BVNs to identify any unauthorised banking activities outside designated float accounts.

Agents were also required to connect their terminals to the Payments Terminal Service Aggregator (PTSA) and send daily transaction reports to the Nigerian Inter-Bank Settlement System (NIBSS) electronically. The reporting template will be provided by the CBN.

The CBN reiterated that all principals remain responsible for the actions and omissions of their agents in relation to banking services.

To ensure compliance, CBN will conduct periodic oversight, including backend configuration checks.

The apex bank warned that violations of these directives will attract severe penalties, including monetary fines and administrative sanctions.

This measure underscores the CBN’s commitment to ensuring a secure, transparent, and efficient agent banking ecosystem.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Central Bank of Nigeria (CBN)POS Transactions
SendShareTweetShare
Previous Post

Seyi Tinubu’s E-Library For Young Parliamentarians Boost For Democracy – Group

Next Post

Yuletide: First Lady Gifts 250 Elders N50m In Lagos

Ruth Nwokwu

Ruth Nwokwu

You May Like

NAICOM Grants Crown Takaful Insurance Approval To Kickstart Operations
News

Regulator Bars Insurtech From Insuring Oil & Gas, Marine Sectors, Others

2025/08/05
UACN Reports N110.4bn Revenue As Consumer Demand Surges
News

UACN Reports N110.4bn Revenue As Consumer Demand Surges

2025/08/05
Ezenwokike Launches Book On Women Entrepreneurship
News

Ezenwokike Launches Book On Women Entrepreneurship

2025/08/05
The Papyrus Global Set To Honour Outstanding State Lawmakers
News

The Papyrus Global Set To Honour Outstanding State Lawmakers

2025/08/05
Many Injured In Rivers As Fleeing Robbers Crash Into Traders
News

Gunmen Kill 2 Police Escorts Attached To Ebonyi Majority Leader

2025/08/05
Shun Instigated Protests, Northern Group Advises Youths
News

UADD Applauds Sardauna Foundation’s Kaduna Summit, Commends Tinubu

2025/08/05
Leadership Conference advertisement

LATEST

Regulator Bars Insurtech From Insuring Oil & Gas, Marine Sectors, Others

UACN Reports N110.4bn Revenue As Consumer Demand Surges

Ezenwokike Launches Book On Women Entrepreneurship

The Papyrus Global Set To Honour Outstanding State Lawmakers

Gunmen Kill 2 Police Escorts Attached To Ebonyi Majority Leader

UADD Applauds Sardauna Foundation’s Kaduna Summit, Commends Tinubu

Plateau Muslims Affirm Support For Mutfwang’s Leadership

Gov Sani Effects Minor Cabinet Reshuffle

Senator Salisu Felicitates ‘Iya Sunnah’ Of Egbaland, Kolapo, On Birthday

Stakeholders Hail Tinubu’s Choice Of Aisha Garba As UBEC Boss

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.