Banks enforce ₦100k daily,₦500k weekly PoS withdrawal limit

THE CABLE

Union Bank has commenced the implementation of a daily withdrawal limit on point-of-sale (PoS) terminals.

The implementation followed a directive by the Central Bank of Nigeria (CBN) on December 17, 2024, limiting the daily withdrawal limit on PoS to N100,000 per customer.

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

Six weeks later, Union Bank, in an email to customers seen by TheCable, said implementation of the daily withdrawal limit has commenced and customers are limited to a weekly withdrawal of N500,000 on PoS.