The Central Bank of Nigeria has quietly introduced a new rule capping how much money POS agents can allow customers to withdraw in a single day, just ₦100,000 per person, while the agents themselves will soon be barred from processing more than ₦1.2 million in total withdrawals each day. The directive, issued in mid-December and published shortly after, aims to clamp down on misuse and fraud in the cash-out ecosystem.
Banks, mobile money operators, and fintech companies are being told to reconfigure their systems immediately. Agent terminals must now be tied to dedicated “float accounts,” all transactions routed via approved agent banking services, and real-time reporting to relevant regulators becomes mandatory. Agents who breach these limits risk being blacklisted or shut down.
The move responds to growing concerns over how POS machines have been used to facilitate large cash siphons, laundering, and unmonitored movements in the informal economy. In public addresses, CBN officials have framed the change as a push toward greater financial inclusion — reducing cash, encouraging digital alternatives, and protecting both customers and service providers from illicit activity.
The rollout will be gradual. While the individual limit is immediate, full enforcement of the ₦1.2 million cap for agents and other technical provisions — like geo-tagging terminals or exclusivity clauses — is slated for April 2026. For now, everyday users will need to plan around the new ceilings, and agents will have to adapt rapidly to survive under tighter controls.
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