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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