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The Central Bank of Nigeria (CBN) has implemented new limits on contactless payments in the country.
According to a circular issued by the CBN, there is now a daily limit of N50,000 for contactless payments through bank accounts or digital wallets.
Additionally, the maximum amount per transaction is set at N15,000.
The CBN stated that these limits are in place to address the risks associated with contactless payments.
Transactions that exceed these limits will require verification and authorization, and existing Know Your Customer (KYC) requirements and limits on electronic payment channels will still apply.
The CBN also provided guidelines for contactless payments, defining contactless technology as a method that allows payment instruments to be used without physical contact with devices.
Examples of contactless payment instruments include prepaid, debit and credit cards, stickers, fobs, wearable devices, tokens, and mobile electronic devices.
