In a bid to advance the cashless economy agenda, the Central Bank of Nigeria (CBN) has announced a daily transaction limit of N1.2 million for Point of Sales (PoS) agents, effective immediately.

CBN’s new policy also limits customer cash withdrawals per week to N500,000 across all channels, while restricting agent banking terminals to a maximum cash-out limit of N100,000 per customer per day.

The decision, which caught many PoS agents by surprise, is expected to impact their daily operations and revenue streams as they rely heavily on transaction volumes to sustain their businesses.

The policy, which is part of the apex bank’s push for digital payments, aims to reduce the circulation of physical cash and curb fraudulent activities, such as money laundering, that thrive on cash-based transactions.

The CBN’s decision to impose daily transaction limits on PoS agents signifies the central bank’s unwavering commitment to transition the country towards a cashless economy.
While the policy has potential to streamline financial transactions, there may be initial disruptions to the PoS agent ecosystem as the industry adjusts to the new limitations.
The effectiveness of this measure will be determined by the CBN’s ability to balance the need for financial security with the economic impact on small businesses and consumers.

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