The Central Bank of Nigeria (CBN) has introduced a daily transaction limit of N1.2 million for Point of Sale (PoS) agents. The move, detailed in a circular released on Tuesday, aims to bolster the country’s shift towards a cashless economy.
Under the new policy, PoS agents can process a maximum of N100,000 cash-out per customer per day. Additionally, weekly cash withdrawals for individuals have been capped at N500,000, regardless of the banking channel used.
“This policy is essential to enhance the adoption of electronic payment channels in agency banking,” said Oladimeji Yisa Taiwo, who signed the circular on behalf of the Director of Payments System Management at the CBN.
Nigeria’s PoS network has grown significantly, with 3.05 million deployed terminals and 4.06 million registered devices as of July 2024, according to the Nigeria Interbank Settlement System Plc. These figures highlight the critical role PoS agents play in the country’s financial ecosystem.
However, the changes have sparked mixed reactions among agents and customers. “This limit could affect business transactions, especially in rural areas,” said Chukwuma Eze, a PoS agent in Lagos. Others view it as a necessary step to curb cash dependency and enhance digital payment adoption.
The CBN remains committed to its cashless policy goals, stating that the measures will address inefficiencies in cash handling and improve financial inclusivity. For many, the policy represents a delicate balance between promoting digital banking and addressing the realities of Nigeria’s cash-reliant economy.
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