The Central Bank of Nigeria (CBN) has placed a N50,000 daily limit on contactless payments through bank accounts or digital wallets.
Thank you for reading this post, don't forget to subscribe!
The apex bank also limited the amount per transaction to N15,000 on contactless payments.
The CBN disclosed this on Tuesday in a circular titled “Transaction Limits on Contactless Payments.”
Musa Jimoh, Director, Payment System Management Department at CBN, who signed the circular, noted that contactless transactions above N50,000 would require appropriate verification going forward.
According to the circular: “Transaction limits for contactless payments through accounts/wallets in Nigeria shall be as follows: Transaction limit maximum amount is N15,000, and the cumulative daily limit maximum amount is N50,000.
“Higher-value contactless payments are transactions exceeding the above-stated limits and require appropriate verification and authorisation.”
The CBN also stated that contactless payments above the stipulated daily cumulative limit of N50,000 would have to be conducted using contact-based technology such as inserting or swiping the card on the payment terminal.
The CBN said that the new transaction limits were 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.