The digital payment landscape in Nigeria is evolving rapidly, and Moniepoint is staying ahead of the curve. Starting today, 22nd January 2025, Moniepoint is implementing new transaction limits to comply with the Central Bank of Nigeria (CBN) policies aimed at creating a cashless economy. Here’s everything you need to know about these changes and how they affect you as a business owner or agent.
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Why the New Limits?
The CBN has introduced cash withdrawal limits to:
- Encourage digital payments.
- Reduce over-reliance on physical cash.
- Enhance transparency and compliance within the financial system.
Moniepoint, as a trusted financial partner, is aligning with these policies to ensure smooth operations for all customers.
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Key Transaction Limits
- Weekly Cash Withdrawal Limit: ₦500,000 per customer across all channels.
- Daily Cash Withdrawal Limit: ₦100,000 per transaction.
- Daily Cumulative Limit: ₦1,200,000 per agent.
How These Limits Affect Your Transactions
Depending on your business type, your transactions will now follow specific rules:
- Agents: Can only use the Withdrawal Transaction Type and must operate within the set cash withdrawal limits.
- Merchants: Limited to the Purchase Transaction Type, used for payments involving goods and services.
- Hybrid/Merchant Agents: Can use both Withdrawal and Purchase Transactions but must adhere to the withdrawal limits for agency banking.
Ensuring Compliance
Business owners classified under the Hybrid/Merchant category must remember:
- Use the Withdrawal Type for cash withdrawal services.
- Use the Purchase Type for payment-related transactions.
This approach ensures compliance with the withdrawal limits while allowing seamless operations for businesses combining both services.
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How to Verify or Update Your Business Category
If you believe your category is incorrect, you can easily verify and update it using the Moniepoint app or website. Alternatively, you can reach out to your Business Relationship Manager (BRM) for assistance.
Why This Matters
Failing to comply with the CBN’s withdrawal limits can result in penalties, including blacklisting under the Bank and Other Financial Institutions Act (BOFIA). Moniepoint is committed to helping its customers navigate these changes effectively.
Need Help?
For more information or support, contact support@moniepoint.com or your BRM.
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