CBN Releases Guidelines for Contactless Payments in Nigeria

The Central Bank of Nigeria has released the exposure draft of guidelines for contactless payments in Nigeria.

The bank also expects players in the financial system and the general public to make contributions and recommendations to the document before or on November 5, 2022.

Contactless payment system is an emerging subsector of the country’s financial industry that allows consummation of financial transactions without physical contact between the payer and the acquiring devices.

The apex bank stated that the guidelines for contactless payment is in furtherance of its efforts to standardise operations in the payments system, while encouraging the deployment of innovative products and sustain financial system stability.

CBN said in the draft guidelines signed by Musa Jimoh, Director of Payment Systems Management Department of the CBN, that contactless payments has been identified as an innovative payment option for safe and efficient conduct of low-value large-volume payments.

The statement read: “The draft Guidelines was conceived to ensure that participants in contactless payments implement appropriate risk management processes and measures while keeping to best relevant standards.

“The draft Guidelines is hereby exposed to all banks, other financial institutions, payments service provider and the general public for comments. The comments should reach the Director, Payments System Management Department, CBN not later than November 5, 2022.”

GET THE FULL DOCUMENT HERE: Draft Guidelines for Contactless Payments in Nigeria