Connect with us

NEWS

CBN Sets N50,000 As Daily Limit On Contactless Payments

Published

on

The Central Bank of Nigeria (CBN) has placed a N50,000 daily limit on contactless payments either through bank accounts or digital wallets.

The CBN disclosed this on Tuesday in a circular titled, “Transaction Limits on Contactless Payments” signed by its Director, Payment System Management Department, Musa Jimoh.

The apex bank also limited the amount per transaction to N15,000 on contactless payments

It stated: “Following the issuance of the Guidelines on Contactless Payments in Nigeria and in cognizance of the risks associated with contactless payments, the Bank hereby defines transaction limits above which verification and authorization are required.

“Transaction limits for contactless payments through accounts/wallets in Nigeria shall be as follows: Transaction limit maximum amount is N15,000 and daily cumulative limit maximum amount is N50,000.

“Higher-value contactless payments are transactions that exceed the above stated limits and shall require appropriate verification and authorization.

“For these transactions, existing Know Your Customer (KYC) requirements and limits on the electronic payment channels shall apply.

“Limits above this stipulated daily cumulative limit shall be conducted using contact-based technology. Please be guided accordingly.”

It added: “Contactless technology is a technology that enables an alternative payment method whereby payment instruments are used without physical contact with devices. Contactless technology in payments provides easy, convenient, and efficient cashless options for users.

“Examples of contactless payment instruments include pre-paid, debit and credit cards, stickers, fobs, wearable devices, tokens and mobile electronic devices. Contactless-enabled payment terminals interact with contactless payment devices to facilitate payments.”

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Entertainment

Segun Junior Adebayo AKA “DJ Pen” Who Claims To Work For Naija Radio FM Is A Criminal/Scammer (Screenshot)

Published

on

This is to notify the general public of one Segun Junior Adebayo who claims to work with Naija Radio FM is a scammer and a criminal. He operates by contacting upcoming artist on their social media with claims of working with major publishing platforms and blogs.

He operates using an Opay Account 9026217513 to defraud his unsuspecting clients. Please if you have been defrauded by Segun Junior Adebayo or have information about his whereabout, please provide information immediately to get a reward instantly.

Relevant agencies are working round the clock to apprehend the criminal after defrauding an upcoming artist of over 10 Million Naira.

This is also to notify the general public to desist from doing business with the criminal.

Continue Reading

Entertainment

“Why it’s difficult for me to work with Davido” – Producer, Sarz

Published

on

Osabuohien Osaretin, also known as Sarz, a veteran Nigerian song producer, has stated why working with Afrobeats singer Davido is a challenge for him.

Sarz stated in an interview with Cool FM Nigeria in Lagos that he has made multiple fruitless attempts to collaborate with Davido.

He said, “Davido and I have worked but I don’t just know why it never comes out.

“I think the way he works and the way I work are very different. I feel like that is a big difference.

“A lot of times when I get in a session with him, there are just like so many people but I’m very used to working with the artist and maybe like two other people alone. So, when there is so many people, I can’t concentrate.

“And I think he feeds off that. So, it clashes sometimes. This is from perspective. I don’t know what he thinks.

Continue Reading

Entertainment

I regret not signing Olamide – Akon

Published

on

Akon, a Senegalese-American artist, has expressed regret for not signing Nigerian indigenous rapper Olamide Adedeji, often known as Olamide or Baddo, some years ago.

He stated that the YBNL leader was his favourite artiste at the time.

Akon expressed remorse for not signing the rapper in a Skype interview with OAP, Oladotun Ojuolape Kayode, nicknamed Do2Tun, of Cool FM, Lagos.

I would probably say Olamide is the one Nigerian I wish I had signed with.” To be honest, I wish I had signed Olamide because he would have signed a slew of new musicians regardless.

“Before reinventing himself as a music executive, Olamide was my favourite artist.” “I told him he was my favourite artist the first time we met,” Akon said.

Continue Reading
Advertisement

Trending

Call Blow Naija