This is contained in a circular to alldeposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents, titled ‘Cash-out limits for agent banking transactions,’ which outlines other measures.
According to the apex bank the restriction is in line with its ongoing efforts to advance a cashless economy.
The statement reads: “the interventions aim to address identified challenges, combat fraud, and establish uniform operational standards across the industry.
“Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week.
“To ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer.
“Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00,” the statement reads partly.
