The Central Bank of Nigeria (CBN) has set a daily cumulative cash-out limit of N1,200,000.00 for Point-of-Sale (PoS) transactions.
CBN announced this in a Circular issued on Tuesday by its Director, Payments System Management Department, Oladimeji Yisa Taiwo.
It also directed a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week, and set a daily maximum transaction cash-out limit of N100,000.00 per customer for all agent banking terminals.
The apex bank directed them to ensure that agent banking services are clearly demarcated from merchant activities and that agents apply the approved Agent Code 6010 for agent banking activities.
They are to “ensure that agency banking activities are consummated exclusively through agent float accounts maintained with the principals.
“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).
“Ensure that all agent terminals are connected to a PTSA, and 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.”
It said the interventions were aimed at addressing identified challenges, combating fraud and establishing uniform operational standards across the industry.
“As stated in the Guidelines for the Regulation of Agent Banking and Agent Banking Relationships in Nigeria, principals shall be wholly responsible and liable for all actions and omissions of their agents as it relates to agent banking services or matters connected therewith,” it said.
CBN said it would conduct oversight of the afore-mentioned actions (including impromptu back-end configuration checks) to ensure that all principals and their agents comply, and warned that any breach of the directives contained in the Circular shall attract appropriate penalties including monetary and/or administration sanctions.
