By Ayomide Otitoju
The Central Bank of Nigeria (CBN) has introduced new restrictions on Point of Sale (PoS) agents, capping their daily transaction limit at ₦1.2 million. The measure is part of the apex bank’s efforts to promote a cashless economy, according to a circular released on Tuesday.
Signed by Oladimeji Yisa Taiwo, on behalf of the Director of Payments System Management, the circular outlined the new policy interventions designed to enhance the use of electronic payment channels in agency banking operations.
Under the policy, cash withdrawal limits for individual customers are set at ₦500,000 per week, regardless of the transaction channel. PoS agents are limited to a maximum cash-out of ₦100,000 per customer daily, with their total daily transaction volume capped at ₦1.2 million.
The Nigeria Interbank Settlement System Plc reported that, as of July 2024, Nigeria had 3.05 million deployed PoS terminals and 4.06 million registered PoS devices, underscoring the importance of regulating this growing payment channel.
The new measures are expected to drive broader adoption of digital payment systems across Nigeria, aligning with the CBN’s vision of achieving a cashless economy.
