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Featured: Latest Nigerian News
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Nigeria CBN Enforces N100,000 Daily and N500,000 Weekly Withdrawal Caps for PoS Operators
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...- Nigeria News
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- cash-out limits cbn policy nigeria cashless economy pos operators
- Category: Business
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Nigeria CBN’s Electronic Levy Forces PoS Operators to Increase Fees in Nigeria
PoS operators in Nigeria have increased withdrawal charges due to the N50 electronic money transfer levy imposed by the Central Bank of Nigeria (CBN) and cash shortages. The hike, caused by rising operational costs, affects transactions and has led to higher fees for customers, especially during...- Nigeria News
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- 1 min read
- cash scarcity cbn levy nigeria pos fees pos operators withdrawal charges
- Category: Business
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Nigeria Nigerians Struggling with Cash Access Despite CBN's Intervention
Despite the CBN's directive to ensure cash availability at ATMs, Nigerians still face difficulties accessing cash. PoS operators turn to markets and fuel stations for cash, while withdrawal limits remain in place. The cash shortage continues to affect both customers and businesses, with high PoS...- Nigeria News
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- 1 min read
- atm cash availability cbn cash shortage nigeria cash scarcity pos operators
- Category: Business
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Nigeria PoS Operators Get Reprieve as CAC Extends Registration Deadline to September
The Corporate Affairs Commission (CAC) has extended the deadline for PoS operators' registration by 60 days, now ending on September 5, 2024. This extension aims to facilitate registration for operators, particularly those facing network challenges in remote areas, by CAMA 2020 and CBN...- Nigeria News
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- cac cama 2020 cbn directives fintech operators pos operators registration extension
- Category: Business
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Nigeria Fraud Prevention Measures: CBN Mandates PoS Operators to Register with CAC by July 7
In a move to enhance financial transparency, the Central Bank of Nigeria (CBN) has mandated Point-of-Sale (PoS) operators to register their businesses with the Corporate Affairs Commission (CAC) within two months. This measure aims to reduce fraud and promote a more regulated financial sector in...- Nigeria News
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- 1 min read
- cac corporate affairs commission financial transparency point-of-sale pos operators
- Category: Business
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Nigeria ATM Crisis: Nigerians Accuse Banks of Conspiracy with PoS Operators
The frustration among Nigerian bank customers is palpable as the specter of "temporarily unable to dispense cash" haunts Automated Teller Machines (ATMs) across the nation. With an increasing number of empty ATMs, a wave of allegations has emerged, accusing Deposit Money Banks (DMBs) of...- Nigeria News
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- 2 min read
- banking crisis central bank of nigeria empty atms nigerian banking sector point of sale operators pos operators
- Category: Business
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Nigeria Central Bank's Ultimatum: Desist from Naira Hoarding or Risk Penalties, Cautions Banks and POS Services
As the cash scarcity stemming from the redesign of three naira notes lingers, Nigerians find themselves grappling with the aftermath of a policy implemented nearly a year ago. In response to the ongoing challenges, the Central Bank of Nigeria (CBN) has sounded the alarm on collusion between...- Nigeria News
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- 1 min read
- cbn naira cash scarcity pos operators
- Category: Business
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Metro Dawn to dusk: How naira scarcity helped a PoS merchant become ‘king of cash’ in Abuja suburb - The Cable
https://www.thecable.ng/dawn-to-dusk-how-naira-scarcity-helped-a-pos-merchant-become-king-of-cash-in-abuja-suburb- Nigeria News
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