Union Bank has started enforcing a daily withdrawal limit on point-of-sale (PoS) terminals.
This action follows a directive from the Central Bank of Nigeria (CBN) issued on December 17, 2024, which set a daily withdrawal cap of N100,000 per customer on PoS transactions.
The CBN stated that this intervention aims to tackle identified issues, reduce fraud, and standardize operational practices across the sector.
Six weeks after the directive, Union Bank, in an email to its customers seen by TheCable, confirmed that the daily withdrawal limit has been implemented, with customers now restricted to a weekly withdrawal limit 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 follows the CBN’s sanctioning of nine banks for failing to provide adequate cash availability at ATMs during the festive season.
Union Bank was one of the banks fined.
The nine banks were penalized with a N150 million fine after spot checks revealed noncompliance with the CBN’s cash distribution guidelines.
