The Central Bank of Nigeria (CBN) has restricted Point of Sales (PoS) agents to a daily transaction limit of N1.2 million. The apex bank revealed this in its ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday.

It noted that this is in line with its ongoing efforts to advance a cashless economy. “The Bank hereby releases the following policy interventions, which have become necessary to enhance the use of electronic payment channels for agency banking operations,” the circular signed by Oladimeji Yisa Taiwo for the Director, Payments System Management Department, read.

According to the Nigerian Financial Services Report, agency banking (Point of Sale [PoS] and mobile money) is one of the major ways people without bank accounts get money from people outside their community and is a key enabler of financial inclusion. As of July 2024, Nigeria had 3.05 million deployed PoS and 4.06 million registered PoS terminals, according to the Nigeria Interbank Settlement System Plc.

Part of this policy intervention also set a cash withdrawal limit per customer (regardless of channel) at N500,000 per week.

All agent banking terminals are now set to a daily maximum transaction cash-out limit of N100,000 per customer, and an agent’s daily cumulative cash-out limit is now pegged at N1.2 million.

Also, agent terminals must be connected to a Payment Terminal Service Aggregator (PTSA). “Ensure that all daily transactions per agent, including withdrawals, limits of transactions, and balances in the float accounts of each agent, are sent electronically to NIBSS as a report to the CBN. The template of this report will be sent to principals,” the apex bank noted.

According to the CBN, agent banking services are now to be demarcated from merchant activities, and agents must apply the approved Agent Code 6010 for agent banking activities.

The Securities and Exchange Commission (SEC) has issued a directive requiring all publicly-listed companies to publish their financial statements on their websites starting January 2025. The commission warned that failure to comply with this directive would attract sanctions.

In a statement released on Tuesday, SEC noted that while public companies routinely file periodic returns with the commission and relevant securities exchanges, many fail to make these financial statements accessible on their websites, contravening Rules 39 and 41 of the Commission’s Rules and Regulations.

“The rationale for the publication of periodic returns on their websites is to provide seamless access by the public to such information, which would serve as a guide to making sound investment decisions,” SEC stated.

The commission emphasized the importance of timely disclosures as a critical aspect of shareholder engagement and investor confidence.

SEC has outlined strict enforcement measures for companies that fail to comply with the directive. Effective January 2025, any public company that does not publish its periodic financial returns on its website alongside submissions to the SEC and relevant securities exchanges will face penalties.

“Timely disclosures are a key component of shareholder engagement,” the statement reiterated, adding that public companies must align with these rules to avoid regulatory action.

Meanwhile, SEC also addressed fintech operators in the capital market, emphasizing the need for compliance with regulatory frameworks when raising funds.

Emomotimi Agama, SEC’s Director-General, reiterated the commission’s commitment to safeguarding investor interests amidst the growing adoption of fintech solutions in the capital market.

“Fintech operators must adhere to the rules of the capital market, as the commission remains steadfast in protecting investors,” Agama stated.

This directive underscores SEC’s dedication to transparency and investor protection while promoting accountability among public companies and market operators.

FirstBank, through its First@arts initiative, has launched the annual DecemberIssaVybe campaign to inspire and empower Nigerians to create and enjoy thrilling memories.

The campaign provides fully paid access to concerts, shows, plays, and festivals featuring A-list entertainers, including Kizz Daniel, Davido, Burna Boy, Asake, and Tiwa Savage.

FirstBank has consistently supported festive concerts and events, creating unforgettable experiences for music lovers.

This year’s campaign kicked off with Kenny Blaq’s Reckless Musicomedy Festival at Onikan Stadium, Lagos, featuring performances by DJ Neptune, Kenny Blaq, Aproko, MC Monica, and others.

FirstBank distributed free tickets to young Nigerians and entertainment enthusiasts through engaging social media activities.

The bank’s Ag. Group Head of Marketing & Corporate Communications, Olayinka Ijabiyi, emphasized FirstBank’s commitment to delivering a ‘Wow December to Remember’ experience.

To participate, follow FirstBank on social media:

Facebook: First Bank of Nigeria Limited
Instagram: @firstbanknigeria
Twitter: @firstbankngr

Stay updated on ticket giveaways and experience the vibrant party atmosphere this season!