The need for contactless payment system in Nigeria | TheCable

mitigate these risks, the Central Bank of Nigeria has recently rolled out guidelines on how best to operate this mode of payment and explained the roles of different stakeholders in the implementation of the scheme.

Because the device does not get in contact with the POS reader , contactless payments are also referred to as touch-free, tap-and-go, or proximity payments. Put differently, contactless payment is a way of paying that doesn’t require cash or even swiping a card. All you have to do is hold your contactless card or smartphone near a compatible card reader while you are checking out.

To minimise risks, the CBN had issued a circular in June 2023, pegging contactless payments through accounts or wallets at transaction limits of N15,000 and a daily cumulative limit of N50,000. This means that customers can only make contactless payments of up to N15,000 per transaction and up to N50,000 per day without entering a PIN or biometric verification. The notice was signed by Musa Jimoh, director of payment systems management department of the CBN.

Although contactless payments are just about coming to Nigeria, they’ve been in use in many developed economies like the US; UK; Japan; Germany; Canada; Australia; France; the Netherlands, and a few others in the last 15 years. It is therefore notable that the CBN’s guidelines have been designed to address local peculiarities and provide the guardrails for the deployment of the new payment method.

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