Author
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Adeleke Alex-Adedipe
Managing Partner
Agent banking has played a critical role in expanding financial inclusion in Nigeria, particularly in rural and underserved areas. With increasing reliance on POS terminals for cash withdrawals, the CBN has taken steps to regulate transactions through a new directive.
On December 17, 2024, the CBN issued a circular introducing new cash withdrawal limits for agent banking transactions. These rules aim to combat fraud, promote electronic payment adoption, and establish uniform operational standards across the financial sector.
But how will these changes impact financial service providers, businesses, and customers who rely on cash-based transactions? Our latest #TMTThursday article breaks down the new rules, their implications, and what financial institutions must do to stay compliant.
