The Central Bank of Nigeria, CBN, has placed a N50,000 daily limit on quick payments made through mobile device or contactless card either through bank accounts or digital wallets.
CBN revealed this in a circular titled, ‘Transaction Limits on Contactless Payments’ signed by the Director, Payment System Management Department, Musa Jimoh, on Tuesday, 27th June.
The circular reads, “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.
“Transaction limits for contactless payments through accounts/wallets in Nigeria shall be as follows: Transaction limit maximum amount is N15,000 and daily cumulative limit maximum amount is N50,000.
“Higher-value contactless payments are transactions that exceed the above stated limits and shall require appropriate verification and authorisation.
“For these transactions, existing Know Your Customer (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. Please be guided accordingly.”
According to CBN, “Contactless technology is a technology that enables an alternative payment method whereby payment instruments are used without physical contact with devices.”
