Contactless payment is the system by which devices that have radio-frequency identification or near-field communication are used for making secure payments. The CBN recently issued the Draft Guidelines on Contactless Payment in Nigeria (the Draft Guidelines) to set out minimum standards and requirements for the operations of contactless payments in Nigeria and to foster a standardised, robust and reliable payment system.
The key highlights of the Draft Guidelines and the implications for stakeholders who engage in contactless payment operations are presented in this Newsletter.
