CBN Pegs Daily Transaction Limits To N50,000 For Contactless Payment.

Central Bank of Nigeria (CBN) has pegged daily transaction limits to N50,000 for contactless payment.

Contactless payments are a secure and convenient method of making transactions without physical contact between a payment device, such as pre-paid, debit, and credit cards, key fobs, mobile electronic devices, and wearable devices.

It utilises near-field communication (NFC) technology, allowing users to simply tap or wave their payment device near the terminal to complete a transaction.

In a circular, signed by Musa Jimoh, director, CBN payments system management department, the apex bank said due to the risks associated with contactless payments, “verification and authorisation would be required for transactions above the limits”.