Union Bank Implements N100,000 Daily Withdrawal Limit in Nigeria

Union Bank Implements N100,000 Daily Withdrawal Limit in Nigeria

The news as it trends.

Union Bank has commenced the implementation of a daily withdrawal limit of N100,000 per customer on Point-of-Sale (PoS) terminals in Nigeria.

This move follows a directive issued by the Central Bank of Nigeria (CBN) on December 17, 2024, aimed at addressing challenges, combating fraud, and establishing uniform operational standards across the industry.

In an email to customers, Union Bank announced that the new daily withdrawal limit is now in effect, with a weekly limit set at N500,000.

The bank encouraged customers to utilize alternative channels such as UnionMobile,  and Union Online for their transactions

The implementation comes shortly after the CBN sanctioned nine banks, including Union Bank, for failing to ensure cash availability via automated teller machines (ATMs) during the festive season.

Source: Vanguard.