Business & Economy

PoS Withdrawal Limit Implementation Policy Begins

Published

3 months ago

Jan 24, 2025.

Banks in Nigeria have begun implementing a daily withdrawal limit of N100,000 and a weekly limit of N500,000 on Point-of-Sale (PoS) terminals, following a directive from the Central Bank of Nigeria (CBN) on December 17, 2024
The PoS withdrawal limit policy move is aimed at addressing various challenges in the banking sector,
CBN intends to reduce the reliance on cash transactions and encourage the use of digital payment methods.

Banks in Nigeria have begun implementing a daily withdrawal limit of N100,000 and a weekly limit of N500,000 on Point-of-Sale (PoS) terminals, following a directive from the Central Bank of Nigeria (CBN) on December 17, 2024.

Eko Hot Blog reports that the PoS withdrawal limit policy move is aimed at addressing various challenges in the banking sector, including fraud and the need for uniform operational standards.

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PoS Withdrawal Limit Implementation Policy Begins

The CBN has stated that the limits are part of a broader effort to promote a cashless economy and enhance operational procedures within the banking industry.

By setting a daily withdrawal limit of N100,000 for individuals and N1.2 million for operators, the CBN intends to reduce the reliance on cash transactions and encourage the use of digital payment methods.

An email by Union Bank to customers on the implementation of the daily withdrawal limit on PoS reads: “In line with CBN directives, please note that effective immediately, the daily withdrawal limit on PoS is now N100,000, while the weekly limits are now fixed at N500,000.

“Our Automated Teller Machines, ATMs, are also available for your cash withdrawals. We encourage you to use our alternative channels (UnionMobile, *826#, UnionOnline) for all your transactions.”