“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.”
The CBN also issued the ‘Guidelines for Contactless Payments in Nigeria’ stating that, “Contactless technology is a technology that 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.
The apex regulator added: “Examples of contactless payment instruments include pre-paid, 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.”