…By Dorcas Funmi for TDPel Media.
This development was announced in a circular titled “Transaction Limits on Contactless Payments,” signed by Musa Jimoh, the Director of the Payment System Management Department at the CBN.
The CBN justified these limits by citing the risks associated with contactless payments and the need for verification and authorization for higher-value transactions.
Examples of contactless payment instruments include prepaid, debit and credit cards, stickers, fobs, wearable devices, tokens, and mobile electronic devices.