The Central Bank of Nigeria (CBN) has always strived to ensure that the Nigerian electronic payment system keeps up with global advancements in technology. In recognition of the technological advances made in relation to contactless payments and the resultant benefits for users, in 2022, the CBN issued the exposure draft of the Guidelines on Contactless Payment in Nigeria (the Draft Guidelines) for stakeholder consideration. The CBN has now published the final version of the Draft Guidelines (Final Guidelines) and a Circular on Transaction Limits for Contactless Payments 2023 (the Circular).
In 2022, we had issued a newsletter analysing the Draft Guidelines wherein we considered all stakeholders involved in the deployment of contactless payments and their respective obligations which can be accessed here.
In this newsletter, however, we aim to shed light on important provisions not initially contemplated in the Draft Guidelines while providing valuable insight into critical issues that may arise from the implementation of contactless payment technologies in Nigeria.
We hope you will find this an interesting read.
