Union Bank implements daily withdrawal limit on PoS terminals following CBN directive
Union Bank has officially rolled out a new daily withdrawal limit on its point-of-sale (PoS) terminals, in compliance with the Central Bank of Nigeria’s (CBN) recent regulations. Starting now, customers will be limited to N100,000 in daily withdrawals through PoS transactions.
This move follows a directive issued by the CBN on December 17, 2024, aimed at addressing various challenges in the banking sector, including fraud prevention and the establishment of uniform operational standards across the industry.
In an email to customers, Union Bank confirmed the changes, stating that customers can now withdraw up to N100,000 per day, with a weekly cap of N500,000 on PoS transactions. The bank emphasized that alternative cash withdrawal methods, including ATMs, as well as digital banking platforms like UnionMobile, *826#, and UnionOnline, remain available for customers.
The implementation of the new limits comes just weeks after the CBN imposed sanctions on nine banks, including Union Bank, for failing to meet cash availability requirements at ATMs during the busy festive season. The banks were each fined N150 million after a series of spot checks revealed noncompliance with CBN’s cash distribution guidelines.
