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.