Union Bank has started implementing new point-of-sale (PoS) withdrawal restrictions following a Central Bank of Nigeria (CBN) directive issued in December 2024. The new regulations set a daily withdrawal limit of N100,000 per customer and a weekly limit of N500,000.

The CBN explained that these measures are designed to address industry challenges, prevent fraud, and standardize operational practices across Nigerian banks. In a customer communication, Union Bank confirmed the new limits, encouraging customers to explore alternative transaction channels such as mobile banking, online platforms, and ATM withdrawals.

This implementation comes in the wake of regulatory actions against nine banks, including Union Bank, which were sanctioned for failing to ensure adequate cash availability during the recent festive season. The banks faced fine of N150 million each for non-compliance with the central bank's cash distribution guidelines.

The bank's email to customers explicitly stated: "Effective immediately, the daily withdrawal limit on POS is now N100,000, while the weekly limits are now fixed at N500,000."

Customers are advised to familiarize themselves with these new withdrawal restrictions and utilize the bank's alternative digital banking services for their financial transactions.​​​​​​​​​​​​​​​​