Skip to main content

CBN sets 15kobo per transaction limit for contactless payments

 



ABUJA - The Central Bank of Nigeria (CBN) has just released a circular announcing the new transaction limits for contactless payments in the country, effective June 27.


The circular was signed by Musa Jimoh, the bank's Director of Payment Systems Management Department, made available via the verified Tweeter handle of the bank.


According to the CBN’s Guidelines on Contactless Payments in Nigeria, contactless payments through accounts or wallets in Nigeria will have a transaction limit of N15,000 and a daily cumulative limit of N50,000.


This means that customers can make contactless payments of up to N15,000 per transaction and up to N50,000 per day without entering their PIN or biometric verification.


The move is aimed at enhancing the security and convenience of contactless payments, which use technologies such as Near Field Communication (NFC) and Quick Response (QR) codes to enable customers to pay without physical contact with the merchant or the payment terminal.


**Advertisement**


However, for higher-value contactless payments that exceed these limits, customers will be required to provide appropriate verification and authorisation, such as their PIN or biometric data.


The CBN said that for these transactions, the existing Know Your Customer (KYC) requirements and limits on the electronic payment channels will apply.


The CBN also stated that contactless payments above the stipulated daily cumulative limit of N50,000 will have to be conducted using contact-based technology, such as inserting or swiping the card on the payment terminal.


**Advertisement**

The CBN said that the new transaction limits are in line with its mandate to promote a safe and efficient payment system in Nigeria and to protect the interests of consumers and other stakeholders in the industry.


The CBN also issued extensive guidelines on the operations of contactless payment in Nigeria.


Meanwhile, See excerpts of the press release below


“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


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


For these transactions, existing KYC requirements and limits on the electronic payment channels shall apply. Limits above this stipulated daily cumulative limit shall be conducted using contact-based technology.


Comments

Post a Comment

Popular posts from this blog

Unruly passenger of Ibom Air faces flight disruption charges -- NCAA confirms

Editor 1 LAGOS -- The Nigeria Civil Aviation Authority (NCAA), has confirmed that the unruly passenger in the Ibom Air saga, Ms Chiamaka Ubani, was on January 10, docked at Uyo Magistrates' Court by the Nigerian Police for flight disruption charges.  This was confirmed by the authority's Director, Public Affairs and Consumer Protection, Mr Micheal Achimugo in a post on his official X handle. Achimugo said that the defendant is facing a two-count charge bordering on intentionally and maliciously causing obstruction and public nuisance. According to him, she intentionally and maliciously prevented the door of the aircraft from closing and causing obstruction of flight Q1528 from flying, thereby committed an offence punishable under section 436 of the criminal code, Cap. 39, Vol. 2, laws of Akwa Ibom State." While on count 2, Ubani constituted herself into a public nuisance by obstructing flight Q1528 from flying at the scheduled time, an act which caused inconvenience or da...
Post a Comment
Read more

Finchglow Holdings Chairman praised as he receives Honorary Doctorate

Editor 1   LAGOS - Finchglow Holdings has celebrated its Chairman, Mr. Kolawole Adesina, who was recently awarded an honorary doctorate degree of science (D.Sc) at the 55th Convocation ceremony of the University of Lagos.  Mrs. Temilade Adu, Public Relations Manager, Finchglow Holdings made the disclosure in a statement on Sunday. This prestigious recognition highlights Dr. Adesina’s significant contributions to leadership and nation-building, as well as his dedication to advancing the energy and infrastructure sectors in Nigeria and beyond. Adesina, who serves as the Group Managing Director of Sahara Power Group, an energy and infrastructure organisation with operations in 42 countries, was celebrated alongside other distinguished individuals for their exceptional impact on Nigeria’s development. Commenting on the recognition, the Group Managing Director of Finchglow Holdings, Mr. Bankole Bernard said: "This honor is a reflection of Dr. Adesina’s relentless drive for transfor...
Post a Comment
Read more