Customers can transact N50,000 daily via contactless payment channels - CBN

The Central Bank of Nigeria (CBN) on Tuesday issued guidelines on contactless payments, which allows a customer to make daily cumulative transactions of N50,000 and N15,000 per transaction.

This was disclosed in a circular to banks, other financial institutions and payment service providers and signed by Musa Jimoh, CBN’s director, payments system management department.

The transaction limit for the contactless payment takes effect from June 27, 2023.

“Following the issuance of the Guidelines on Contactless Payments in Nigeria and in cognisance of the risks associated with contactless payments, the Bank hereby defines transaction limits above which verification and authorisation are required. Transaction limits for contactless payments through accounts/wallets in Nigeria shall be as follows: Daily Cumulative Limit – N15,000

Maximum Amount – N50,000,” the circular reads.

The circular stated that higher-value contactless payments are transactions that exceed the above stated limits and shall require appropriate verification and authorisation.

For these transactions, the CBN said existing know your customer (KYC) requirements and limits on the electronic payment channels shall apply, adding that limits above this stipulated daily cumulative limit shall be conducted using contact-based technology.

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Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.