Following the issuance of guidelines on contactless payments in the country, the Central Bank of Nigeria (CBN) yesterday announced transaction limits above which verification and authorisation are required.
The central bank explained that the restrictions were put in place in view of the risks associated with contactless payment.
As a result, the bank said the transaction limit for the payment innovation would be N15,000 while the daily cumulative limit was set at N50,000.
The apex bank disclosed this in a circular dated June 27, 2023, which was signed by CBN Director, Payment System Management Department, Mr. Musa Jimoh, that was addressed to banks and Other Financial Institutions and Payment Service Providers.
The CBN further disclosed that higher-value contactless payments – transactions that exceeded the stipulated limits – would require verification and authorisation to complete.
The bank added that for such transactions exceeding the limits, existing KYC requirements and limits on electronics payment channels shall apply.
It stated that limits above the stipulated daily cumulation shall be conducted through contact-based technology.
Also, the CBN said the guidelines was in furtherance of its efforts to standardise operations in the payment system while encouraging the deployment of innovative products and sustaining financial system stability.
Essentially, contactless payment involves the consummation of financial transactions without physical contact between the payer and the acquiring devices and had been identified as an innovative payment option for the safe and efficient conduct of low-value and large-volume payments.
The innovation enables an alternative payment method whereby payment instruments were used without physical contact with devices.
The technology provides easy, convenient, and efficient cashless options for users.
The central bank also listed examples of contactless payment instruments including pre-paid, debit and credit cards, stickers, fobs, wearable devices, tokens, and mobile electronic devices.
According to the bank, the framework was conceived to ensure that participants in contactless payments implement appropriate risk management processes and measures while keeping to the best relevant standards.
Contactless-enabled payment terminals interact with contactless payment devices to facilitate payments.
The framework, however, mandated stakeholders to comply with the provisions of the guidelines and relevant regulations of the bank.
The CBN, among other things, warned that non-adherence to these provisions shall attract appropriate sanctions and penalties as may be determined by the bank.
James Emejo in Abuja and Nume Ekeghe
Follow us on:
Iran's Supreme Leader has warned the US and Israel of a "crushing response" following an…
Kemi Badenoch has pledged to "renew" the Conservative Party and reclaim voters as she was…
Peter Obi has criticised the court ruling withholding funds to Rivers State, calling it disturbing…
AGF Fagbemi has taken over the prosecution of 114 #EndBadGovernance protesters, addressing alleged treason and…
NNPC and Morocco's ONHYM has advanced the $26 billion African Atlantic Gas Pipeline, emphasising regional…
TCN has restored power on the Gombe-Damaturu-Maiduguri line, fully operational again after vandalism halted service.
View Comments
👇👇👇👇👇👇👇N. C. SO7O 4540 6674 }!!!TOKUNBO VEHICLES!!!
TOYOTA 4RUNNER ₦850,000_1mill
TOYOTA HIGHLANDER ₦950,000__1.3mill
TOYOTA LANDCRUISER ₦900,000__2mill
TOYOTA TACOMA ₦850,000___3mill
TOYOTA VENZA ₦900,000___1.8mill
TOYOTA SIENNA ₦800,000
TOYOTA SOQUOIA ₦750,000
TOYOTA PREVIA ₦600,000
TOYOTA PRADO 2.2mill
TOYOTA TUNDRA N1,200,000
Camry 2.4 650 C O R O L L A LE 500
TOYOTA LANDCRUISER ₦900,000__1.5mill
TOYOTA TACOMA ₦850,000
TOYOTA VENZA ₦900,000__1.7mill
TOYOTA SIENNA ₦800,000
TOYOTA SOQUOIA ₦750,000
TOYOTA PREVIA ₦600,000
TOYOTA TUNDRA N1,200,000
MUSCLE 850,000
MATRIX 850,000
O7O 4540 6674 }
HONDA ACCORD ₦600,000
HONDA EOD ₦650,000
HONDA ODYSSEY ₦700,000
HONDA BABY BOY ₦300,000
HONDA PILOT ₦700,000___1mill
HONDA CROSSTOUR ₦650,000
HONDA DISCUSSION CONTINUE ₦700,000
TOYOTA 4RUNNER ₦850,000
TOYOTA HIGHLANDER ₦950,000
TOYOTA LANDCRUISER ₦900,000
TOYOTA TACOMA ₦850,000
TOYOTA VENZA ₦900,000__1.8m
TOYOTA SIENNA ₦800,000
TOYOTA SOQUOIA ₦750,000
TOYOTA PREVIA ₦600,000
TOYOTA CAMRY 2.4 650,000
TOYOTA HIACE BUS 900,000
SPIDER 950,000
HONDA ACCORD ₦600,000
HONDA EOD ₦650,000
HONDA ODYSSEY ₦700,000
HONDA BABY BOY ₦500,000
HONDA PILOT ₦700,000
HONDA CROSSTOUR ₦650,000
HONDA DISCUSSION CONTINUE ₦700,000
O7O 4540 6674 }
HONDA ACCORD ₦500,000
HONDA CIVIC ₦500,000
HONDA CRV ₦500,000
HONDA CROSSTOUR ₦650,000
HONDA ELEMENT ₦600,000
HONDA PILOT ₦700,000
HONDA ODYSSEY ₦700,000
G O L F 2 3 4 500___700
DYNA TRUCK 900,000
70_4540_6674
70_4540_6674
tipper head 6
RANGE ROVER SPORT 3mill
RANGE ROVER EVOGUE 3.3mill
RANGE ROVER 2.8mill
LEXUS ES300 - ES350 - ES330 800,000__3M
LEXUS RX300 - RX330 - RX350 - RX400 - RX450 ₦700,000---3
LEXUS LX450 - LX470 -LX570 ₦800,000__2.6mill
LEXUS GX460 - GX470 ₦900,000___4m
LEXUS RC300 - RC350 850,000_2mill