NEW CBN POLICY THAT WILL AFFECT ALL POS OPERATORS

The Central Bank of Nigeria (CBN) has introduced new policies to promote a cashless economy, affecting Point of Sale (PoS) operators. 

-Daily Cash-Out Limit: PoS operators are required to enforce a daily cash-out limit of ₦100,000 per customer. This aims to reduce excessive cash transactions and encourage digital payment systems.

-Cumulative Daily Limit for PoS Operators: PoS operators have a cumulative daily cash-out limit of ₦1.2 million. Exceeding this limit may result in penalties and administrative sanctions.

- Weekly Cash Withdrawal Limit: Customers are limited to ₦500,000 per week across all banking channels, including PoS terminals, ATMs, and bank branches.

- 8147129620: PoS operators must conduct transactions exclusively through designated float accounts maintained by their principals. This ensures transparency and accountability.

- Real-Time Monitoring: PoS terminals must be connected to the Payment Terminal Service Aggregator (PTSA) for real-time transaction monitoring.

- Reporting Requirements: PoS operators must submit daily transaction reports to the Nigeria Inter-Bank Settlement System (NIBSS) using a standardized template.

- Penalties for Non-Compliance: Failure to comply with these directives may result in monetary fines, administrative sanctions, or suspension of operations.

These policies aim to:
- Enhance transparency and accountability in agency banking operations
- Combat fraud and financial crimes
- Promote the adoption of electronic payment channels
- Streamline cash handling and reduce operational risks

Overall, the CBN's new policies are designed to drive Nigeria towards a cashless economy, reduce cash dependency, and enhance financial system efficiency.

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