CBN Tightens Rules in Nigeria: PoS Agents’ Daily Transactions Capped at ₦1.2 Million

In a move to strengthen oversight and curb misuse within Nigeria’s rapidly growing payment ecosystem, the Central Bank of Nigeria (CBN) has issued a new directive via a circular PSP/DIR/CON/CWO/001/049, setting new transaction limits and operational rules for Point of Sale (PoS) agents and other payment service providers across the country.

According to the circular, individual PoS agents are now restricted to a ₦100,000 withdrawal limit per customer daily covering cash-in and cash-out, while total daily transaction volume per agent must not exceed ₦1.2 million. The measure, the CBN explained, is part of a broader effort to promote financial integrity, prevent fraud, and align cash-based operations with its ongoing push for a more digital, transparent payment landscape.

The circular, addressed to Payment Service Providers (PSPs), Mobile Money Operators, and Super Agents, also emphasizes stricter compliance monitoring and enhanced Know Your Customer (KYC) requirements. Agents are mandated to display their registration details and ensure all transactions are electronically traceable.

“The goal is not to stifle business,” a CBN spokesperson noted, “but to ensure a safer, more accountable financial environment that supports inclusion and innovation without abuse.”

The directive has generated mixed reactions among agents and operators. While some view the limits as a necessary step to reduce money laundering and fraudulent activities, others fear it could constrain liquidity and affect small merchants who rely on PoS for daily cash needs.

Industry analysts believe the new rules reflect the apex bank’s intent to standardize agent banking operations and prepare for deeper reforms in Nigeria’s fintech and cash management ecosystem.