The Central Bank of Nigeria (CBN) has announced that it will be issuing guidelines to promote safe and efficient use of contactless payments in the country, as part of its efforts to modernize and drive the cashless payment policy in Nigeria.

This was disclosed by the Director of Payment Systems Management Department at CBN, Musa Jimoh, during a seminar for Finance Correspondents and Business Editors in Calabar.

The guidelines will cover the technical and operational requirements for implementing contactless payment systems and the security measures needed to protect customers’ information.

ALSO READ: DMO reveals FG’s plan to start repaying N22.7tn loan from CBN in 2026

Jimoh also stated that contactless payment technology will be introduced before December 31 as an alternative payment method that enables payment instruments to be used without physical contact with devices.

The instruments that will be used for contactless payment include pre-paid debit and credit cards, stickers, fobs, wearable devices, tokens, and mobile electronics devices.

The Deputy Director of Payment Systems Management Department at CBN, Adefuye Adeyemi, who represented Jimoh, highlighted the benefits of contactless payment, which include ease of payments, speed, convenience, enhanced customer experience, reduced printing of currency, cost-saving for regulators, and reduction in the spread of contagious diseases during payment due to the lack of contact.

He also noted that contactless payment is more secure than traditional payment methods, providing customers with peace of mind.

ALSO READ: CBN’s eNaira records N1.4m transactions as IMF sounds caution

Adefuye was also asked about the apex bank’s strategies regarding the phasing out of old naira notes and the availability of new ones amid the December 31 deadline.

He responded that the CBN is working effectively on that and is ready for the change. He cited India as an example, where a similar currency redesign was done for six months, resulting in the same problem faced by Nigeria.

He further stated that although there is a loss of confidence, everything will come back to normal over time, and the December 31 deadline is still eight months away.