The Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer.
In a circular to all deposit
money banks (DMBs), microfinance Banks, mobile money operators and
super-agents, titled ‘Cash-out limits for agent banking transactions,’ CBN said
the restriction is in line with the apex bank’s ongoing efforts to advance a
cash-less economy.
According to the circular, the
interventions aim to address identified challenges, combat fraud and establish
uniform operational standards across the industry.
“In view of the above, ALL principals of
agents are to comply with the following directives immediately:
i. Issuers shall set a cash
withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00
per week,” the circular reads.
“ii. Ensure that all agent banking terminals
are set to a daily maximum transaction cash-out limit of N100,000.00 per
customer.
“iii. Ensure that each agent’s
daily cumulative cash-out limit shall not exceed N1,200,000.00.
“iv. Ensure that agent banking services are
clearly demarcated from merchant activities and that agents apply the approved
Agent Code 6010 for agent banking activities.
“v. Ensure that agency banking activities are
consummated exclusively through agent float accounts maintained with the
principals.
“vi. Monitor accounts
associated with the agents’ BVN(S) with a view to identifying agent banking
activities which may be conducted outside the designated float account(s).
“vii. Ensure that all agent terminals
are connected to a PTSA
“viii. Ensure that all daily
transactions per agent, including withdrawals, limits of transactions and
balances in the float accounts of each agent, are sent electronically to NIBSS
as a repot to the CBN. The template of this report will be sent to principals.”
CBN said as stated in the
guidelines for the regulation of agent banking and agent banking relationships
in Nigeria, principals would be held fully responsible and liable for all
actions and omissions of their agents related to agent banking services.
The apex bank also warned that
it would conduct oversight activities, including impromptu back-end configuration
checks to ensure compliance.
CBN said breach of the
directives contained in the circular will attract appropriate penalties
including monetary and/or administrative sanctions.
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