Union Bank Announces Commencement Of PoS Withdrawal Limit

Foremost financial institution, Union Bank has commenced the implementation of a daily withdrawal limit on point-of-sale (PoS) terminals.

The implementation followed a directive by the Central Bank of Nigeria (CBN) on December 17, 2024, limiting the daily withdrawal limit on PoS to N100,000 per customer.

According to CBN, the intervention is aimed at addressing identified challenges, combating fraud and establishing uniform operational standards across the industry.

Six weeks later, Union Bank, in an email to customers seen by TheCable, said implementation of the daily withdrawal limit has commenced and customers are limited to a weekly withdrawal of N500,000 on PoS.

“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,” the email reads.

“Our ATMs are also available for your cash withdrawals. We encourage you to use our alternative channels (UnionMobile, *826#, UnionOnline) for all your transactions.”

The bank’s announcement comes a week after CBN sanctioned nine banks for failing to ensure cash availability via automated teller machines (ATM) during the festive season.

Union Bank was one of the affected banks.

The nine banks were fined N150 million following spot checks that revealed noncompliance with the apex bank’s cash distribution guidelines.

Credit: thenationonlineng.net