The Central Bank of Nigeria (CBN) has announced new transaction limits for contactless payments in the country, effective from June 27, 2023.
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 and a daily cumulative limit of N50,000.
This means that customers can make contactless payments of up to N15,000 per transaction and up to N50,000 per day without entering their PIN or biometric verification.
The circular was signed by Musa Jimoh, the director Payment Systems Management Department.
The move is aimed at enhancing the security and convenience of contactless payments, which use technologies such as Near Field Communication (NFC) and Quick Response (QR) codes to enable customers to pay without physical contact with the merchant or the payment terminal.