The Central Bank of Nigeria (CBN) has set new transaction limits for contactless payments across the country.
The new limits announced by the CBN are effective from June 27, 2023, according to a circular signed by Musa Jimoh, the director Payment Systems Management Department.
The apex bank set N15,000 as the minimum transaction limit for contactless payments through accounts or wallets in Nigeria with a daily cumulative limit of N50,000.
This means that customers can make payments of up to N15,000 per transaction and up to a total of N50,000 per day without entering their PIN or biometric verification.
The circular read, “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:
- Daily Cumulative Limit – N15,000
- Maximum Amount – 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 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.
Musa I. Jimon
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
