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The Central Bank of Nigeria has introduced a new policy setting daily cash-out limits for PoS operators at N100,000 per customer, aiming to promote digital payments, reduce fraud, and enhance operational efficiency. The initiative also includes weekly withdrawal caps and enhanced monitoring requirements for agents.

The Central Bank of Nigeria (CBN) has introduced a new policy aimed at advancing the country's cashless economy. This includes a daily cash withdrawal limit of N100,000 for customers using point-of-sale (PoS) terminals, as well as a weekly limit of N500,000 across all banking channels. For PoS operators, the total cash-out cap is set at N1.2 million per day. The initiative is designed to encourage the use of digital payments, reduce fraud, and resolve operational issues in the payment sector.

The CBN outlined additional guidelines in a circular from its Payments System Management Department. All agency banking transactions must go through designated float accounts and must be distinct from merchant transactions. Agents are required to use an approved Agent Code 6010 for their operations and connect terminals to the Payment Terminal Service Aggregator (PTSA) for real-time monitoring. Furthermore, agents must electronically submit transaction details, including withdrawals and float balances, to the Nigeria Inter-Bank Settlement System (NIBSS) for oversight.

The CBN also stated that PoS operators' principals would be held accountable for their agents' actions. Non-compliance with these directives could lead to penalties, such as fines or administrative sanctions. This new policy is part of the CBN's broader efforts to enhance the transparency of digital payment systems, curb fraud, and increase trust in the financial sector.