The Central Bank of Nigeria has notified Banks, Payment Service Providers and Other Financial Institutions about the guideline for Contactless Payments in Nigeria.
Contactless payment is the consummation of financial transactions without physical contacts between the payer and the acquiring devices. It is an innovative payment option for safe and efficient conduct of low-value and large-volume payments.
According to the CBN’s Guidelines on Contactless Payments in Nigeria, contactless payments through accounts or wallets in Nigeria will have a transaction limit of N15,000 per transaction and a daily cumulative limit of N50,000.
Source: CBN sets guideline for contactless payment – StocksWatch (stocksng.com)
