From Victor Osula, Abuja
CBN Gov, Cardoso
The Central Bank of Nigeria (CBN) has set a daily withdrawal limit of N100,000 per customer on point-of-sale (PoS) terminals.
This is coming amid growing concern that PoS mobile agents are capitalising on lingering cash scarcity in the country to hike their charges.
However, CBN said the restriction, in line with its ongoing efforts to advance a cashless economy, will help address identified challenges, combat fraud and establish uniform operational standards across the industry.
In a circular to Deposit Money Banks (DMBs), Microfinance Banks, Mobile Money Operators and Super-Agents posted on its website, the apex bank directed all principals of agents to immediately comply with the new directives.
It orders that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00.
Specifically, under the new rules, “Issuers must set a cash withdrawal limit (cash-out) per customer (regardless of channel) of N500,000.00 per week; all agent banking terminals are to set a daily maximum transaction cash-out limit of N100,000.00 per customer; each agent’s daily cumulative cash-out limit must not exceed N1,200,000.00; agent banking services must be clearly demarcated from merchant activities and agents must apply the approved Agent Code 6010 for agent banking activities”.
In addition, the directives mandate principals to: “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 directives also stipulate that agency banking activities be consummated exclusively through agent float accounts maintained with the principals; there must be monitoring of accounts associated with the agents’ Bank Verification Numbers (BVN(s) “to identify agent banking activities which may be conducted outside the designated float account(s)” and all agent terminals must be connected to a Payment Terminal Service Aggregator (PTSA).
The CBN said the restriction will “ensure that agent banking services are clearly demarcated from merchant activities and that agents apply the approved Agent Code 6010 for agent banking activities.
“Ensure that agency banking activities are consummated exclusively through agent float accounts maintained with the principals.
“Monitor accounts associated with the agents’ BVN(S) with a view to identifying agent banking activities which may be conducted outside the designated float account(s).
“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.”
CBN warned that principals will be fully responsible and liable for actions and omissions of their agents related to agent banking services.
CBN promised to conduct oversight activities to ensure compliance, including impromptu back-end configuration checks.
The apex bank vowed to enforce penalties including monetary and/or administrative sanctions for breach of the directives in the circular.
