CBN Limits POS Daily Withdrawal to N100,000: Here’s What You Need to Know!
The Central Bank of Nigeria (CBN) has dropped a new policy that’s shaking up how we handle cash at Point-of-Sale (POS) agents. The daily cash-out limit for individual customers is now capped at N100,000. Yep, that’s the max you can withdraw in one day per agent. Let me break it down for you.
Why the Limit?
This move isn’t just a random rule. The CBN is pushing forward its cashless economy agenda. In a circular sent to banks, microfinance institutions, mobile money operators, and super-agents, the apex bank explained that it’s all about streamlining transactions and reducing cash dependency. Think fewer stacks of cash and more digital vibes.
The Rules You Need to Know
Here’s the lowdown straight from the CBN’s directive:
Weekly Cap: You can withdraw up to N500,000 per week across all channels. That’s for those who need more than a day’s cash-out.
Daily Agent Limit: POS agents can only allow a customer to withdraw N100,000 per day. No exceptions.
Agent Cumulative Limit: Each agent’s total cash-out transactions in a day must not cross N1.2 million.
The CBN’s got some strict rules to ensure agent banking doesn’t get mixed up with merchant activities. Agents must stick to the approved Agent Code 6010 for their banking transactions. This keeps everything above board and prevents mix-ups.
Here’s another interesting bit: all agency banking must be handled through specific float accounts linked to the agents’ principals (their bosses). The CBN also wants these accounts monitored closely. That way, any funny business gets caught fast. Agents’ terminals must stay connected to a Payment Terminal Service Aggregator (PTSA) to report every transaction to NIBSS electronically. It’s all about transparency, baby!
CBN isn’t messing around with this policy. The bank has clarified that principals (the big guys overseeing agents) are responsible for everything their agents do. From back-end checks to impromptu audits, the apex bank will keep a close eye to ensure everyone plays by the rules. And if anyone slips up? Expect penalties. Think fines and administrative sanctions – ouch!
If you’re a regular customer, you must plan your withdrawals carefully. No more impulsive big cash-outs at POS agents! For agents, it’s time to stick to the limits and keep those records squeaky clean. The CBN’s cashless drive might take some getting used to, but it’s all part of the bigger plan to modernize our financial system.
This new cash-out limit is a game-changer. Whether you’re a spender or a saver, it’s time to embrace the digital wave. So, let’s roll with it, people! Say goodbye to carrying fat wads of cash and hello to a more streamlined, cashless lifestyle. The future is here, and it’s looking pretty digital.
