The Central Bank of Nigeria (CBN) has announced a new policy imposing a daily transaction limit of N100,000 per customer for cash-out transactions conducted by Point of Sale (POS) agents.
This directive, issued on Tuesday, was signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department at the CBN.
The initiative aims to streamline agency banking operations, promote the adoption of electronic payments, and further the country’s cashless economy agenda.
Addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Superagents, the circular emphasized the importance of uniform operational standards, fraud prevention, and improved monitoring within the agent banking sector.
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POS agents are required to ensure no individual customer withdraws more than N100,000 daily, irrespective of the channel. Additionally, agents’ total daily cash-out transactions are capped at N1,200,000.
Customers can withdraw a maximum of N500,000 per week and agents must separate their banking services from other merchant activities and use the approved Agent Code 6010 for all transactions.
Also, all agency banking activities must be conducted through designated float accounts maintained with the principal financial institutions.
Institutions are mandated to monitor accounts linked to agents’ BVNs to detect unauthorized banking activities outside the designated float accounts the report stated.
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In the same vein, POS agents are required to connect their terminals to the Payments Terminal Service Aggregator (PTSA) and submit daily transaction reports electronically to the Nigerian Inter-Bank Settlement System (NIBSS).
The circular further underscored that all principal institutions bear full responsibility for the actions and omissions of their agents concerning banking services.
To enforce the policy, the CBN will conduct periodic oversight, including backend configuration checks of the agents’ operations.
The apex bank warned that violations of the new directives would attract severe penalties, including monetary fines and administrative sanctions.
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These measures underscore the CBN’s dedication to fostering a secure, transparent, and efficient agent banking ecosystem.
This policy reflects the CBN’s broader commitment to enhancing financial inclusion and reducing reliance on cash transactions while ensuring the integrity and efficiency of the Nigerian banking sector.
