The daily transaction limit on POS has now been increased to N100,000 per customer by the Central Bank of Nigeria. This was announced in a circular passed by the CBN to commercial banks, microfinance banks, mobile money operators, and super agents.
The circular dived deep into the need for uniform operational standards, fraud prevention, and improved monitoring within the agent banking sector.
It also talked about several critical measures for principals of agent banking operations to implement immediately, such as:
- Daily cash-out limit: POS agents must ensure no individual customer withdraws more than N100,000 daily, regardless of the channel.
- Cumulative daily limit for agents: Each agent’s total cash-out transactions should not exceed N1,200,000 daily.
- Weekly withdrawal cap for customers: Customers are restricted to a maximum cash withdrawal of N500,000 per week.
- Separation of agent and merchant activities: Agents are required to clearly demarcate their banking services from other merchant activities and use the approved Agent Code 6010 for all transactions.
- Exclusive use of float accounts: All agency banking activities must be conducted through float accounts maintained with the principal institutions.
- Mandatory monitoring of agent accounts: Institutions must monitor accounts linked to agents’ BVNs to identify any unauthorized banking activities outside designated float accounts.
- Real-time transaction reporting: Agents are required to connect their terminals to the Payments Terminal Service Aggregator (PTSA) and send daily transaction reports to the Nigerian Inter-Bank Settlement System (NIBSS) electronically. The reporting template will be provided by the CBN.
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