Banks begin implementation of PoS withdrawal limit with N100k daily, N500k weekly

There are indications that banks have begun the implementation of a daily withdrawal limit of N100,000 and a weekly limit of N500,000 on Point-of-Sale terminals.

The implementation is coming after a directive by the Central Bank of Nigeria (CBN) on December 17, 2024, to limit the daily withdrawal on PoS to N100,000 per customer and N500,000 weekly.

According to CBN, the intervention is aimed at addressing identified challenges, combating fraud, and establishing uniform operational standards across the industry.

It was gathered that Union Bank has commenced implementation of the directive with email customers. The Email reads: “In line with CBN directives, please note that effective immediately, the daily withdrawal limit on POS is now N100,000, while the weekly limits are now fixed at N500,000.

 In an email sent to its customers, said implementation of the daily withdrawal limit has commenced, and customers are limited to a weekly withdrawal of ₦500,000 on PoS.

The email reads, “In line with CBN directives, please note that effective immediately, the daily withdrawal limit on POS is now N100,000, while the weekly limits are now fixed at ₦500,000.

“Our ATMs are also available for your cash withdrawals. We encourage you to use our alternative channels (UnionMobile, *826#, UnionOnline) for all your transactions.”

This also comes after the CBN sanctioned nine banks on January 14, 2025, for failing to ensure cash availability via automated teller machines (ATMs) during the festive season.

Union Bank was one of the affected banks.

The nine banks were fined ₦150 million following spot checks that revealed noncompliance with the apex bank’s cash distribution guidelines.