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Home»Fintech»Nigeria limits ATM withdrawals to boost digital payments
Fintech

Nigeria limits ATM withdrawals to boost digital payments

December 8, 2022No Comments1 Min Read
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The Central Financial institution of Nigeria has capped each day ATM withdrawals at $45 to be able to encourage digital funds, together with the eNaira digital foreign money.

The central financial institution has despatched out a round to lenders slicing the each day money machine withdrawal restrict from 150,000 naira to twenty,000 naira, based on Bloomberg. Weekly money withdrawal limits of 100,000 naira for folks and 500,000 naira for firms have additionally been set.

The restrict is the newest effort by Nigeria to discourage money utilization. The nation is ready to revamp high-value notes and is giving folks till January to modify out their outdated paper cash.

The central financial institution can also be planning to mint extra of its eNaira digital foreign money, which launched final 12 months however has but to take off, based on Bloomberg.

Says the central financial institution: “Clients must be inspired to make use of different channels—Web banking, cellular banking apps, USSD, playing cards, POS, eNaira to conduct their banking transactions.”

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See also  Funding Circle cofounder unveils new Super Payments fintech venture with $27M investment – DailyTech
ATM Boost digital Limits Nigeria payments withdrawals
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