Union Bank announced on Thursday the introduction of a daily withdrawal limit of ₦100,000 on point-of-sale (PoS) terminals, effective immediately.
This move follows a directive issued by the Central Bank of Nigeria (CBN) on December 17, 2024, aimed at addressing challenges related to fraud and ensuring uniform operational standards across the banking sector.
New Withdrawal Limits
In an email to its customers, Union Bank informed them that under the new policy, daily PoS withdrawals are now capped at ₦100,000 per customer, with a weekly limit of ₦500,000. The bank reassured customers that its ATMs remain available for cash withdrawals and encouraged the use of alternative channels such as UnionMobile, *826#, and UnionOnline for their banking transactions.
The email read:
“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 ₦500,000. Our ATMs are also available for your cash withdrawals. We encourage you to use our alternative channels (UnionMobile, *826#, UnionOnline) for all your transactions.”
CBN Sanctions and Bank Compliance
This policy change follows the CBN’s recent actions to ensure proper cash availability in the banking system. On January 14, 2025, the CBN imposed fines on nine banks, including Union Bank, for failing to meet cash distribution requirements during the festive season. The banks were penalized ₦150 million each after spot checks revealed noncompliance with the CBN’s cash availability guidelines at ATMs.
Union Bank, as one of the affected banks, is working to comply with the CBN’s directive while encouraging customers to explore other convenient banking channels.
