The Central Bank of Nigeria (CBN) has implemented restrictions on Point-of-Sale (POS) transactions.
The CBK, has set a daily cash-out limit of N100,000 per individual customer and a cumulative daily limit of N1.2 million for agents.
The directive, announced in a circular dated December 17, 2024, and signed by Taiwo Oladimeji, is a push toward advancing Nigeria's cashless policy while combating fraud in agency banking operations.
The new policy also establishes a weekly cash withdrawal ceiling of N500,000 per customer and mandates that all agency banking transactions be conducted exclusively through float accounts maintained with principal institutions.
To ensure compliance and accountability, the CBN has instituted monitoring measures, including mandatory electronic submission of daily transaction reports to the Nigerian Inter-Bank Settlement System and the requirement for all agent banking terminals to connect to the Payments Terminal Service Aggregator.
The directive emphasizes that principals will be held fully responsible for their agent's actions and warns that violations will result in monetary fines and administrative sanctions.
Meanwhile, The Central Bank of Nigeria (CBN) has taken a firm stance against the illicit flow of mint naira notes to currency hawkers and unscrupulous agents by imposing a hefty fine of N150 million per branch on Deposit Money Banks found guilty of facilitating this illegal practice.
The move, announced in a circular issued on Friday, December 13, 2024, by the Acting Director of the Currency Operations Department, Mohammed Olayemi, comes as a response to the growing concern over the increasing prevalence of mint naira notes being traded by hawkers, which the CBN believes impedes efficient and effective cash distribution to customers and the general public.
The CBN has outlined measures to enforce compliance, including increased periodic spot checks in banking halls and ATMs and deploying mystery shoppers to uncover illicit cash hawking spots across the country.
The apex bank has also warned that subsequent infractions will attract even stricter sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020 provisions.
In Kenya, Equity Bank Group Limited has signed a memorandum of understanding with German financial institution ODDO BHF during the German-Africa Business Summit in Nairobi.
The partnership, signed by Equity Group CEO Dr. James Mwangi and ODDO BHF Head of Corporate Banking Florian Witt, aims to leverage Africa's abundant resources, including human capital, arable land, and renewable energy potential, alongside Europe's established entrepreneurial expertise and technological advancement.
The collaboration focuses on four key drivers: demography, decarbonization, digitization, and de-risking, with emphasis on supply chain diversification away from traditional dependencies on China and Russia.
ODDO BHF, recognizing Africa's stability and profitability potential, will work with Equity Group on various initiatives, including impact investment through their respective foundations and trade financing in regions like the Democratic Republic of Congo.
The partnership builds upon Equity's recent establishment of a German Desk in collaboration with the German Development Finance Institution (DEG), positioning the bank as a link between African MSMEs and European markets.