Thursday, July 3, 2025
  • REPORT A STORY
  • PRIVACY
  • CONTACT US
WITHIN NIGERIA - NEWS PICKS
  • HOME
  • FEATURES
  • NEWS PICKS
    • BREAKING
    • National
    • Local News
    • Politics
    • Diaspora
    • Business
    • Education
    • Sports
    • World News
      • Africa
      • U.S
      • Asia
      • Europe
    • XTRA
  • ENTERTAINMENT
  • MORE
    • GIST
    • ARTICLES
    • VIDEOS
No Result
View All Result
WITHIN NIGERIA - NEWS PICKS
No Result
View All Result
  • HOME
  • FEATURES
  • NEWS PICKS
  • ENTERTAINMENT
  • MORE

CBN limits contactless payment to N50,000 daily

Adejayan Gbenga Gsong by Adejayan Gbenga Gsong
June 28, 2023
in National
Reading Time: 2 mins read
0 0
A A
0
Share on FacebookShare on Twitter

The Central Bank of Nigeria (CBN) has released new guidelines for contactless payments in the country, limiting the daily cumulative transaction limit via the channel to N50,000 and single transactions limit to N15,000.

This was contained in a circular signed by the CBN director Payments and Systems management Department, Musa Jimoh, to all banks, financial institutions and payment service providers issued yesterday.

According to the circular, higher value contactless payments which exceed the limits “shall require appropriate verification 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.”

The guideline stated that “banks shall determine appropriate transaction and daily cumulative limits for contactless payments from time to time. Stakeholders shall be permitted to set limits in line with the bank’s limits.

READ ALSO

Why I renamed ICC after Tinubu – Wike

Coalition: Why PDP members aligning with ADC are breaking the law – Keyamo

IPMAN announces petrol price reduction nationwide

Former AGF, Malami quits APC, defects to ADC

“Contactless payment transactions below stipulated limits per transaction/day, may not require customers’ authorisation (such as Personal Identification Number [PIN], token, biometrics, etc.). Higher-value contactless payments shall require customer verification such as PIN, mobile code, biometric identifier, etc.

“Stakeholders shall implement a risk-based approach to setting volume and transaction limits. The risks attached to a customer will be based on KYC due diligence carried out during the customer onboarding process.

“Stakeholders shall provide customers with a choice to specify limits for the value of transactions that they would perform and such limits shall not be higher than the maximum limits specified from time to time. Customers who wish to perform transactions above the maximum limit should request in writing to the bank and provide indemnity that reflects the risks involved. The bank shall approve, subject to its internal risk management policies.”

The apex bank noted that it had released the guidelines in furtherance of its mandate to ensure the safety and stability of the Nigerian Financial System, promote a resilient and stable payments system, the CBN, pursuant to the provisions of Section 2(d) of the CBN Act 2007, and its power to make regulations for banks and other financial institutions entrenched in Section 56(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020, hereby issues this Guidelines for Contactless Payments in Nigeria.

Contactless technology enables an alternative payment method whereby payment instruments are used without physical contact with devices. Contactless technology in payments provides easy, convenient, and efficient cashless options for users.

Examples of contactless payment instruments include prepaid, debit and credit cards, stickers, fobs, wearable devices, tokens and mobile electronic devices. Contactless-enabled payment terminals interact with contactless payment devices to facilitate payments.

POPULAR TODAY

  • All
  • National
  • Local News
  • Politics
  • World News
  • Sports
  • XTRA

Universities must confront global shifts with unity — Mahfouz Adedimeji, ASE VC

July 2, 2025

BREAKING: ADC executives step aside for David Mark’s interim team

July 2, 2025

BREAKING: Amaechi resigns from APC, accuses INEC of aiding plot to hijack election

July 2, 2025

JUST IN: Opposition heavyweights gather at Yar’Adua Centre for ADC coalition launch

July 2, 2025

Discussion about this post

ADVERTISEMENT

LATEST

Coalition: Why Atiku, Obi, El-Rufai have not officially joined ADC – Bolaji Abdullahi

July 3, 2025
President Bola Tinubu and FCT minister, Nyesom Wike

Why I renamed ICC after Tinubu – Wike

July 3, 2025

‘Desperados hungry for power’ — Onanuga knocks ADC coalition politicians

July 3, 2025
Diogo Jota

Liverpool Forward Diogo Jota dies in fatal car crash, days after wedding

July 3, 2025

JUST-IN: LP orders Peter Obi to resign in 48 hours after joining ADC coalition

July 3, 2025

Opposition coalition wants to use, dump Peter Obi, no plan to give him ADC presidential ticket – Keyamo

July 3, 2025
Load More
NEWS PICKS — WITHIN NIGERIA

WITHIN NIGERIA MEDIA LTD.

NEWS, MULTI MEDIA

WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles.

Follow us on social media:

CORPORATE LINKS

  • About
  • Contacts
  • Report a story
  • Advertisement
  • Content Policy
  • Privacy Policy
  • Terms
 
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • REPORT A STORY
  • PRIVACY
  • CONTACT US

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • HOME
  • FEATURES
  • NEWS PICKS
    • BREAKING
    • National
    • Local News
    • Politics
    • Diaspora
    • Business
    • Education
    • Sports
    • World News
      • Africa
      • U.S
      • Asia
      • Europe
    • XTRA
  • ENTERTAINMENT
  • MORE
    • GIST
    • ARTICLES
    • VIDEOS

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName