CBN Imposes N1.2m Daily Transaction Limit for POS Agents

The Central Bank of Nigeria (CBN) has set a daily transaction limit of N1.2 million for Point of Sale (POS) agents nationwide to enhance oversight and standardize operations in the agent banking sector. This new guideline is part of CBN's efforts to manage risks associated with cash handling, prevent fraud, and promote transparency in financial services.

The move aims to curb fraud and informal cash handling practices, aligning with the CBN's cashless policy objectives. The revised framework reflects the CBN's commitment to regulating the growing POS agent industry and ensuring secure financial transactions.