Union Bank announced on Thursday the commencement of a daily withdrawal limit on point-of-sale (PoS) terminals.
Henzodaily gathered that Union Bank reached the decision following the directive by the Central Bank of Nigeria (CBN) on December 17, 2024, limiting the daily withdrawal limit on PoS to ₦100,000 per customer.
The apex bank noted that the directive aims to address identified challenges, fraud and establish uniform operational standards across the industry.
Union Bank, in an email sent to its customers, said implementation of the daily withdrawal limit has commenced, and customers are limited to a weekly withdrawal of ₦500,000 on PoS.
The email reads, “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 ₦500,000.
“Our ATMs are also available for your cash withdrawals. We encourage you to use our alternative channels (UnionMobile, *826#, UnionOnline) for all your transactions.”
This also comes after the CBN sanctioned nine banks on January 14, 2025, for failing to ensure cash availability via automated teller machines (ATMs) during the festive season.
Union Bank was one of the affected banks.
The nine banks were fined ₦150 million following spot checks that revealed noncompliance with the apex bank’s cash distribution guidelines.