CBN sets N50k day to day line on contactless installments (Details)

Payments made without physical contact between a payment device, such as pre-paid, debit, and credit cards, key fobs, mobile electronic devices, and wearable devices, are limited to N50,000 by the Central Bank of Nigeria (CBN).

Musa Jimoh, CBN's Head of Installments Framework The executives Division, said the choice was taken because of the dangers related with contactless installments, "check and authorisation would be expected for exchanges over the cutoff points".

For exchanges above limits, "existing know-your-client (KYC) prerequisites and cutoff points on the electronic installment channels will apply".

The assertion 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: transaction limit 15,000, daily cumulative limit N50,000.

“Higher-value contactless payments are transactions that exceed the above-stated limits and shall require appropriate verification and authorisation.

“Limits above this stipulated daily cumulative limit shall be conducted using contact-based technology.”