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CBN Sets N50,000 As Daily Limit On Contactless Payments - Business - Nairaland

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CBN Sets N50,000 As Daily Limit On Contactless Payments by adenigga(m): 4:41pm On Jun 28, 2023
The Central Bank of Nigeria (CBN) has placed a N50,000 daily limit on contactless payments either through bank accounts or digital wallets.


The CBN disclosed this on Tuesday in a circular titled, “Transaction Limits on Contactless Payments” signed by its Director, Payment System Management Department, Musa Jimoh.

The apex bank also limited the amount per transaction to N15,000 on contactless payments

It stated: “Following the issuance of the Guidelines on Contactless Payments in Nigeria and in cognizance of the risks associated with contactless payments, the Bank hereby defines transaction limits above which verification and authorization are required.

“Transaction limits for contactless payments through accounts/wallets in Nigeria shall be as follows: Transaction limit maximum amount is N15,000 and daily cumulative limit maximum amount is N50,000.

“Higher-value contactless payments are transactions that exceed the above stated limits and shall require appropriate verification and authorization.

“For these transactions, existing Know Your Customer (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.”

It added: “Contactless technology is a technology that enables an alternative payment method whereby payment instruments are used without physical contact with devices. Contactless technology in payments provides easy, convenient, and efficient cashless options for users.

“Examples of contactless payment instruments include pre-paid, debit and credit cards, stickers, fobs, wearable devices, tokens and mobile electronic devices. Contactless-enabled payment terminals interact with contactless payment devices to facilitate payments.”

Source: https:///CBN-Sets-N50000-As-Daily-Limit-On-Contactless-Payments

3 Likes 4 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by TemplarLandry: 4:44pm On Jun 28, 2023
Let us breeve. grin

13 Likes 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Nobody: 4:44pm On Jun 28, 2023
Change begins with CBN

7 Likes 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Parachoco: 4:47pm On Jun 28, 2023
PHIPEX you're lying

It seems you and the people liking your post do not know what Contactless payment is

1 Like

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by baralatie(m): 5:05pm On Jun 28, 2023
Okay noted
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Bidema: 5:09pm On Jun 28, 2023
People will have enough excuse to owe you now. Trust Nigerians

51 Likes 2 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by GOFRONT(m): 5:26pm On Jun 28, 2023
Ayam not understanding

166 Likes 12 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by PHIPEX(m): 5:28pm On Jun 28, 2023
I noticed this nonsense today on my account. This is another policy somersault. This people are only interested in frustrating Nigerians.

How do you peg my daily transfer to 50k meaning we should all return to queuing in the banking hall? Why are we returning to 1990 Banking system instead of going forward?

265 Likes 21 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by OneCandleAway(f): 5:32pm On Jun 28, 2023
Does that mean we can't transfer more than 50k

70 Likes 4 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by kingsways: 5:33pm On Jun 28, 2023
Nigerian bankers are the most brilliant set of Nigerians


Nigerian banking industry are the most innovative in the world

4 Likes 3 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by iSense247: 5:36pm On Jun 28, 2023
This is preposterous. They should have given us reasons for this policy. 15k per transaction and 50k per day is too low in this inflation economy.

It's sad that government is controlling how we spend our own money.

113 Likes 6 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by PrincessofDSS(f): 5:46pm On Jun 28, 2023
I don’t get it

Very preposterous, does it mean I can’t exceed 50k transfer using my app

43 Likes 4 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Sablexxxtoons: 5:49pm On Jun 28, 2023
The question is what is contactless payment.

328 Likes 19 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Bebigiby1: 5:53pm On Jun 28, 2023
Before the 2023 presidential election, I warned Nigerians about the consequences of allowing Tinubu and APC's evil government to continue, many in this forum didn't listen but continue to support the evil government. This new policy is not so different from policies under Emefiele that led to the current economic disastrous situation we are facing today. Until Nigerians decide to overlook tribe, religion and fight these evil leaders things may get worse.... As it stands it is not getting better....

This policy just like the naira swap policy will violate people's right to spend and earn. It will further destroy Nigeria's economy....

170 Likes 15 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by yaki84: 6:18pm On Jun 28, 2023
Sablexxxtoons:
The question is what is contactless payment.
Co ask...

18 Likes 4 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by lonecatt(m): 6:21pm On Jun 28, 2023
They will soon add charges if you want to exceed 50k.

84 Likes 6 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by CodeTemplar: 6:26pm On Jun 28, 2023
Tinubu and his "owo mi da" reforms.

73 Likes 6 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by RubiesBanking: 6:31pm On Jun 28, 2023
iSense247:
This is preposterous. They should have given us reasons for this policy. 15k per transaction and 50k per day is too low in this inflation economy.

It's sad that government is controlling how we spend our own money.

A contactless payment does not require you to swipe your card though a POS machine or make interactive contact with your device to do a transfer before you make payment.

With contactless payment, you just hover your card or a device next to a supported machine and it's much more secure.

Any phone that is NFC [Near-Field Communication] enabled will also be able to utilize this feature, also you can use your credit or debit card if it has a RFID chip embedded in it.

Here's how a contactless payment typically works

1. The customer presents his contactless card or NFC enable phone over a POS terminal that accepts such payments
2. The wireless chip transmits card information
3. The payment terminal contact the bank
4. The card issuer transmits an approval or a denial.

Here is a small video explaining graphically what all this mean


https://www.youtube.com/watch?v=2nldPwska-8

YOU ALSO HAVE TO BE CAREFUL BECAUSE ANYBODY CAN SCAN YOUR CARD AND EASILY MAKE FRAUDULENT TRANSACTIONS
https://www.youtube.com/shorts/3C2wK7TFP0c

cc. Sablexxxtoons yaki84 PHIPEX

209 Likes 17 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by WhatIf: 6:40pm On Jun 28, 2023
PHIPEX:
I noticed this nonsense today on my account. This is another policy somersault. This people are only interested in frustrating Nigerians.

How do you peg my daily transfer to 50k meaning we should all return to queuing in the banking hall? Why are we returning to 1990 Banking system instead of going forward?


Try to read and understand the context or content of the information well now.

109 Likes 4 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by GWMI(m): 6:45pm On Jun 28, 2023
Bebigiby1:
Before the 2023 presidential election, I warned Nigerians about the consequences of allowing Tinubu and APC's evil government to continue, many in this forum didn't listen but continue to support the evil government. This new policy is not so different from policies under Emefiele that led to the current economic disastrous situation we are facing today. Until Nigerians decide to overlook tribe, religion and fight these evil leaders things may get worse.... As it stands it is not getting better....

This policy just like the naira swap policy will violate people's right to spend and earn. It will further destroy Nigeria's economy....
You people can't stop speaking nonsense na wa o

84 Likes 6 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Blitzking: 6:54pm On Jun 28, 2023
Someone should explain this write up

10 Likes 3 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by wolesmile(m): 7:01pm On Jun 28, 2023
Nigerians will not cease to disappoint due to their half baked Knowledge. Instead of them to seek to understand what contact contactless payment is before commenting, they'd rush to the comment section to spew trash all because they want to talk down on government policies.

126 Likes 12 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by PHIPEX(m): 7:07pm On Jun 28, 2023
RubiesBanking:


A contactless payment does not require you to swipe your card though a POS machine or make interactive contact with your device to do a transfer before you make payment.

With contactless payment, you just hover your card or a device next to a supported machine and it's much more secure.

Any phone that is NFC [Near-Field Communication] enabled will also be able to utilize this feature, also you can use your credit or debit card if it has a RFID chip embedded in it.

Here's how a contactless payment typically works

1. The customer presents his contactless card or NFC enable phone over a POS terminal that accepts such payments
2. The wireless chip transmits card information
3. The payment terminal contact the bank
4. The card issuer transmits an approval or a denial.

Here is a small video explaining graphically what all this mean


https://www.youtube.com/watch?v=2nldPwska-8

YOU ALSO HAVE TO BE CAREFUL BECAUSE ANYBODY CAN SCAN YOUR CARD AND EASILY MAKE FRAUDULENT TRANSACTIONS
https://www.youtube.com/shorts/3C2wK7TFP0c

cc. Sablexxxtoons yaki84 PHIPEX
Thanks for the clarity

114 Likes 6 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Ezmans: 7:09pm On Jun 28, 2023
darling4242:
Chang begin with CBN
pls wetin be contactless payment

4 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Tmex(m): 8:09pm On Jun 28, 2023
Each day new policy,

3 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by obailala(m): 8:38pm On Jun 28, 2023
PHIPEX:
I noticed this nonsense today on my account. This is another policy somersault. This people are only interested in frustrating Nigerians.

How do you peg my daily transfer to 50k meaning we should all return to queuing in the banking hall? Why are we returning to 1990 Banking system instead of going forward?
iSense247:
This is preposterous. They should have given us reasons for this policy. 15k per transaction and 50k per day is too low in this inflation economy.

It's sad that government is controlling how we spend our own money.
PrincessofDSS:
I don’t get it

Very preposterous, does it mean I can’t exceed 50k transfer using my app
OneCandleAway:
Does that mean we can't transfer more than 50k
Bebigiby1:
Before the 2023 presidential election, I warned Nigerians about the consequences of allowing Tinubu and APC's evil government to continue, many in this forum didn't listen but continue to support the evil government. This new policy is not so different from policies under Emefiele that led to the current economic disastrous situation we are facing today. Until Nigerians decide to overlook tribe, religion and fight these evil leaders things may get worse.... As it stands it is not getting better....

This policy just like the naira swap policy will violate people's right to spend and earn. It will further destroy Nigeria's economy....
Sablexxxtoons:
The question is what is contactless payment.
Blitzking:
Someone should explain this write up
This is for contactless payments, not your regular transfer or card payment.

With contactless payment cards, all you need do is bring your card close to a compliant POS machine and payment would be automatically taken from your card without you having to insert the card in the machine or inputting your pin. Contactless payments don't exist in Nigeria YET; I'm guessing they're just about to introduce it. But I doubt it would work in Nigeria though, especially given the sheer number of fraudsters we have.

104 Likes 5 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by YungMike(m): 8:39pm On Jun 28, 2023
hata
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Ask4bigneyo(m): 8:39pm On Jun 28, 2023
Una woan start again bah

1 Like 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by obailala(m): 8:39pm On Jun 28, 2023

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