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Times Reporters > Business > Economy > CBN Pegs Transactions On Contactless Payments  At 15000, 50000
BusinessEconomy

CBN Pegs Transactions On Contactless Payments  At 15000, 50000

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By Publisher Published June 29, 2023
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Central Bank of Nigeria (CBN) has issued guidelines placing a limit on contactless payment at between N15, 000 and N50, 000.

The CBN issued the guidelines in two separate circulars signed by the CBN’s Director, Payments System Management Department, Musa Jimoh.

The CBN said the guidelines were released in furtherance of its mandate to ensure the safety and stability of the Nigerian Financial system and promote a resilient and stable payments system.

According to the CBN, in two separate circulars, the daily cumulative transaction limit to N50,000 and the single transaction limit to N15,000 contactless payments made through bank accounts or digital wallets.

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The transaction limit for contactless payments takes effect on Tuesday, June 27, 2023.

The first circular contains guidelines for banks, other financial institutions, and payments service providers on contactless payments.

“The Central Bank of Nigeria, in furtherance of its efforts to standardize operations in the payments system, while encouraging the deployment of innovative products and sustaining the financial system stability, developed the Guidelines for Contactless Payments in Nigeria.

“Contactless payment, which involves the consummation of financial transactions without physical contact between the payer and the acquiring devices, has been identified as an innovative payment option for safe and efficient conduct of low- value and large-volume payments.

“The Guidelines was conceived to ensure that participants in contactless payments implement appropriate risk management processes and measures while keeping to best relevant standards.”

The bank noted that all banks, other financial institutions, and payments service providers are required to ensure strict compliance with the guidelines.

In the second circular, Jimoh said the higher-value contactless payments are transactions that exceed the above-stated limits and will require appropriate verification and authorization.

“For these transactions, existing know-your-customer (KYC) requirements and limits on the electronic payment channels shall apply, adding that limits above this stipulated daily cumulative limit shall be conducted using contact-based technology,” Jimoh noted.

The regulatory bank also issued guidelines for contactless payments, stating that “banks shall determine appropriate transaction and daily cumulative limits for contactless payments from time to time”, noting that stakeholders shall be permitted to set limits in line with the bank’s limits.

Contactless payment transactions under the stipulated limits per transaction/day may not require customer authorization such as a Personal Identification Number, token, biometrics, etc., whereas higher-value contactless payments will require customer verification such as a PIN, mobile code, biometric identifier, etc., according to the CBN.

CBN added that “stakeholders shall implement a risk-based approach to setting volume and transaction limits. The risks attached to a customer will be based on KYC due diligence carried out during the customer onboarding process.”

It also noted that stakeholders shall provide customers with a choice to specify limits for the value of transactions that they would perform, and such limits shall not be higher than the maximum limits specified from time to time.

“Customers who wish to perform transactions above the maximum limit should request in writing to the bank and provide indemnity that reflects the risks involved. The bank shall approve, subject to its internal risk management policies,” CBN added.

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Publisher June 29, 2023
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