N100k Daily, N500k Weekly: Banks Enforce New PoS Withdrawal Limit

Union Bank has officially implemented a daily withdrawal limit on Point-of-Sale (PoS) terminals, aligning with the Central Bank of Nigeria’s (CBN) directive issued on the 17th of December, 2024.

The CBN’s mandate capped daily PoS withdrawals at N100,000 per customer, a measure designed to tackle systemic challenges, curb fraud, and standardize operations across the financial industry.

Six weeks after the directive, Union Bank informed its customers via an email stating that the new withdrawal limits are now in effect.

The bank also outlined a weekly PoS withdrawal cap of N500,000, stating:
“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.”

To ensure seamless banking experiences, the email encouraged customers to utilize alternative channels such as UnionMobile, *826#, and UnionOnline for transactions, alongside the bank’s ATM services for cash withdrawals.

This announcement comes on the heels of a penalty imposed by the CBN on nine commercial banks, including Union Bank, for failing to meet cash availability requirements during the festive season.

The apex bank conducted spot checks, which revealed lapses in cash distribution, leading to a combined fine of N150 million for noncompliance.