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The Business NG - January 24, 2025

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Focus on Today's Edition: Union Bank's New PoS Withdrawal Policy

Union Bank has rolled out a new daily withdrawal limit of N100,000 for Point-of-Sale (PoS) transactions, aligning with the Central Bank of Nigeria's (CBN) directive issued on December 17, 2024. The move aims to curb fraud, enhance operational consistency, and improve security within the Nigerian banking sector.

Alongside the daily limit, Union Bank has set a weekly cap of N500,000 for PoS withdrawals, effective immediately. The bank communicated these changes to its customers through email, urging them to utilize alternative channels such as UnionMobile, the *826# service, and UnionOnline. These services are designed to provide convenient access to banking without the need for physical cash withdrawals.

This policy shift comes in response to the ongoing challenges faced by Nigerian banks, including limited cash availability, especially during high-demand periods such as the festive season.

The Business NG Description:

Forlegger: Tuns-Media-&-Comm-Enterprise

Kategori: Newspaper

Språk: English

Hyppighet: Weekly

The BusinessNG, a leading business news publication across Nigeria and WestAfrica With a strong team of 30 staff members and a weekly print circulation of over 10,000 copies, we are poised for growth and report all political relating to business news at all level