Regulatory Alerts2023-06-27 | PSM/DIR/PUB/CIR/001/048Transaction Limits on Contactless Payments
The Central Bank of Nigeria has set transaction limits for contactless payments in the country to mitigate associated risks. Transactions above 15,000 Naira and daily cumulative transactions over 50,000 Naira will require verification and authorization. Higher-value contactless payments must adhere to existing KYC requirements and limits on electronic payment channels.
PAYMENTS SYSTEM MANAGEMENT DEPARTMENT Tcl: 09 462 38300, 09 462 38346 e-mail: psmd@cbn.gov.ng website: www.cbn.gov.ng CENTRAL BANK OF NIGERIA Central Business District, Cadastral Zone AO P.M.B. 0187, Garki Abuja.
PSM/DIR/PUB/CIR/001/048 June 27, 2023 CIRCULAR TO BANKS AND OTHER FINANCIAL INSTITUTIONS AND PAYMENT SERVICE PROVIDERS TRANSACTION LIMITS ON CONTACTLESS PAYMENTS 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:
| SIN | LIMIT | MAXIMUM AMOUNT (N) |
|---|---|---|
| 1 | Transaction Limit | 15,000 |
| 2 | Daily Cumulative Limit | 50,000 |
Higher-value contactless payments are transactions that exceed the above stated limits and shall require appropriate verification and authorisation. For these transactions, existing KYC requirements and limits on the electronic payment channels shall apply. Limits above this stipulated daily cumulative limit shall be conducted using contact-based technology.
Please be guided accordingly.
Musa 4. Jir Director, Payments System Management Department