Deposit Money Banks in the Federal Capital Territory have increased their maximum over-the-counter daily withdrawal limit to N50,000, a significant jump from the previous N5,000 cap. Banks such as Guaranty Trust Bank (GTBank) and Zenith Bank have implemented the new limit, citing improved cash availability as the driving factor. At GTBank’s branch along the airport road, customers could withdraw up to N20,000 at Automated Teller Machines, in contrast to the higher over-the-counter allowance.
An official from GTBank explained that the increased availability of cash enabled the upward adjustment. However, this change has not yet impacted Point of Sale (POS) operators’ service charges. Despite banks dispensing more cash, operators continue to charge N800 for withdrawals of N20,000 and N2,000 for N50,000 transactions.
POS operators argue that service charges will only be reduced if the improved cash supply becomes consistent. According to them, a one-time policy change by banks does not provide the stability required to lower transaction fees for their services.
