Nigerian central bank caps contactless payments
Move limits consumers’ daily contactless payments to $66
Nigeria’s central bank imposed a 50,000 naira ($66) daily cap on each individual consumer’s contactless payments on June 27 and limited individual contactless payments to 15,000 naira.
In its circular, the Central Bank of Nigeria (CBN) cited “the risks associated with contactless payments”, and the need for “verification and authorisation” of larger payments. It also published a set of guidelines for contactless payments alongside the circular.
According to the 2022 Global Payments Report
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Payments
RBI increases payments surveillance during elections
Indian central bank tells system operators to watch for suspicious transactions, report says
RBNZ seeks views on design of ‘digital cash’
New Zealand central bank continues proof-of-concept work on “private and secure” CBDC
BoE’s digital securities sandbox to lead to new regulatory regime
Five-year project to open for applications this summer
Africa’s CMA revamps cross-border payments over AML fears
Central Bank of Lesotho officials say the transition should be smooth but challenging
Laos and Brunei join Asian cross-border payments initiative
Laotian and Thai central banks also launch new cross-border payments link
Digital payments in Saudi Arabia rise to 70% of retail transactions
Transactions processed through national payment systems hit 10.8 billion
US fiscal stimulus boosted vehicle price pressures – Fed research
Vehicle sales driven by consumer and small business stimulus, say Fed researchers
Riksbank uncovers problems in offline CBDC test
Latest phase of e-krona testing focused on offline payments and preventing fraud
Most read
- ECB says iPhone is currently incompatible with digital euro
- Supervisors grapple with the smaller bank dilemma
- ‘Do I die, or do I survive?’ Officials reflect on Basel III complexity