By David Akinmola
Agency bank outlets in the country have been limited to a daily cumulative cash-out limit of N1.2 million.
In a circular, the Central Bank of Nigeria (CBN) said the move is aimed at enhancing the use of electronic payment channels for agency banking operations.
Under this new rule, individuals are now allowed to make daily withdrawals of N100,000 and N500,000 per week.
The circular dated 17 December 2024, was addressed to all deposit money banks, microfinance banks, mobile money operators and super-agents.
The CBN said the intervention aims to address identified challenges, combat fraud and establish uniform operational standards across the industry.
The guidelines said issuers shall set a cash withdrawal limit per customer (regardless of channel) of N500,000 per week.
“Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000 per customer. Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000. Ensure that agent banking services are demarcated from merchant activities and that agents apply the approved Agent Code 6010 for agent banking activities,” it said.
The circular, which was signed by Oladimeji Taiwo on behalf of the Payments System Management Department, said the step would ensure that agency banking activities are consummated exclusively through agent float accounts maintained with the principals.
The CBN added that principals shall monitor accounts associated with the agents’ BVN(s) to identify agent banking activities that may be conducted outside the designated float account(s).
Also, principals are expected to ensure that all agent terminals are connected to a PTSA.
“Ensure that all daily transactions per agent, including withdrawals, limits of transactions, and balances in the float accounts of each agent, are sent electronically to NIBSS as a report to the CBN. The template of this report will be sent to principals,” it said.
The CBN noted that as stated in the guidelines for the Regulation of Agent Banking and Agent Banking Relationships in Nigeria, principals shall be wholly responsible and liable for all actions and omissions of their agents as they relate to services or matters connected.
The CBN hinted that it would conduct oversight of the new interventions such as impromptu back-end configuration checks to ensure that all principals and their agents comply.
“Any breach of the directives contained in this Circular shall attract appropriate penalties, including monetary and/or administrative sanctions,” it said.
