The Central Bank of Nigeria (CBN) has implemented new restrictions on contactless payments made through bank accounts or digital wallets.

As of June 27, 2023, a daily cumulative transaction limit of ₦50,000 and a single transaction limit of ₦15,000 have been set.

Higher-value contactless payments exceeding these limits will require verification and authorization.

The CBN’s director of the Payments and Systems Management Department, Musa Jimoh, stated that existing know-your-customer (KYC) requirements and limits on electronic payment channels will apply to these transactions.

The CBN has also issued guidelines stating that banks will determine appropriate transaction and daily cumulative limits for contactless payments, and stakeholders may set limits in line with the bank’s guidelines.

Lower-value contactless payments may not require customer authorization, while higher-value ones will require customer verification.

The CBN emphasized the importance of a risk-based approach to setting volume and transaction limits, based on customer KYC due diligence.

Customers seeking to perform transactions above the maximum limit must request approval from the bank in writing and provide an indemnity reflecting the associated risks.