Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/001/048
Title: Transaction Limits on Contactless Payments
Summary: The circular requests financial institutions and payment service providers to adhere to transaction limits on contactless payments in Nigeria. Verification and authorization are required for transactions exceeding the specified limits, while higher-value contactless payments must follow existing KYC requirements and limits on electronic payment channels. Transactions above the daily cumulative limit should be conducted using contact-based technology.
Posted on: Tuesday, June 27, 2023
Download: PSM/DIR/PUB/CIR/001/048