Wednesday, 28 June 2023

CBN Limits Contactless Payment To N50,000 Daily

The Central Bank of Nigeria (CBN) has released new guidelines for contactless payments in the country, limiting the daily cumulative transaction limit via the channel to 

N50,000 and single transactions limit to N15,000.
This was contained in a circular signed by the CBN director Payments and Systems management Department, Musa Jimoh, to all banks, financial institutions and payment service providers issued yesterday.
According to the circular, higher value contactless payments which exceed the limits “shall require appropriate verification 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.”
The guideline stated that “banks shall determine appropriate transaction and daily cumulative limits for contactless payments from time to time. Stakeholders shall be permitted to set limits in line with the bank’s limits.
“Contactless payment transactions below stipulated limits per transaction/day, may not require customers’ authorisation (such as Personal Identification Number [PIN], token, biometrics, etc.). Higher-value contactless payments shall require customer verification such as PIN, mobile code, biometric identifier, etc.
“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.
“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.”

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