The Central Bank of Nigeria (CBN) has introduced a new policy limiting daily cash-out transactions to N100,000 per customer for Point of Sale (PoS) operators, as part of efforts to promote a cashless economy. The directive, announced in a circular signed by Oladimeji Yisa Taiwo from the Payments System Management Department, aims to enhance electronic payment adoption, address fraud, and unify operational standards.
In addition to the N100,000 daily cash-out cap, the policy restricts total daily cash withdrawals by agents to N1.2 million and weekly customer withdrawals across all channels to N500,000. Agency banking activities are to be carried out exclusively through designated float accounts, ensuring clear separation from merchant activities.
The CBN emphasized transparency and oversight in its guidelines, mandating that all agent banking terminals connect to the Payment Terminal Service Aggregator (PTSA). Transaction details and float account balances must also be submitted electronically to the Nigeria Inter-Bank Settlement System (NIBSS) using a standardized reporting template.
Principals of PoS operators will bear full responsibility for the actions of their agents, as outlined in the Guidelines for the Regulation of Agent Banking in Nigeria. Non-compliance with the directives could result in monetary fines and administrative sanctions.
