The Central Bank of Nigeria (CBN) has set new transaction limits on contactless payments after issuing guidelines for commercial banks and other financial institutions to adopt.
In a statement released on Tuesday, the CBN said contactless payments are now limited to N15,000 per transaction, but the daily cumulative limit is limited to N50,000.
Contactless payments are transactions done without physical contact with devices. Pre-paid, debit and credit cards, tokens, mobile electronic devices, stickers, fobs and wearable devices can be used for contactless payments.
