The Central Bank of Nigeria (CBN) has set daily transaction limitations for contactless payments at ₦50,000.
Contactless payments are a safe and convenient way to conduct transactions between payment devices such as pre-paid, debit, and credit cards, key fobs, mobile electronic devices, and wearable gadgets.
The apex bank stated in a circular signed by Musa Jimoh, director, CBN payments system management department, on Tuesday that due to the dangers involved with contactless payments, “verification and authorisation would be required for transactions above the limits.”
“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,” the circular reads.
“Transaction limits for contactless payments through accounts/wallets in Nigeria shall be as follows: transaction limit ₦15,000, daily cumulative limit ₦50,000.
“Higher-value contactless payments are transactions that exceed the above-stated limits and shall require appropriate verification and authorisation.”
The CBN further stated that “existing Know-Your-Customer (KYC) requirements and limits on electronic payment channels shall apply” for transactions above the limits.
“Limits above this stipulated daily cumulative limit shall be conducted using contact-based technology,” the central bank added.
