Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 29 NOVEMBER 2022

A Consideration Of CBN's Guidelines On Contactless Payments

AELEX
AELEX
Contributor
Explore more from AELEX

Contactless Payments ("CPs"), aptly described as payments which involve the consummation of financial transactions without physical contact between the payer and the acquiring devices, have been gaining momentum and widespread adoption in recent times.

NigeriaFinance and Banking
Davidson Oturu
Davidson Oturu
Agboola Dosunmu
Agboola Dosunmu
Author LinkedIn connections

Contactless Payments ("CPs"), aptly described as payments which involve the consummation of financial transactions without physical contact between the payer and the acquiring devices1, have been gaining momentum and widespread adoption in recent times. First introduced in the 1990s,2 CPs recorded a significant boost in adoption following the Covid 19 Pandemic in 2020.3 Today, CPs are the preferred choice of payment in many countries, with the CPs market set to reach a global value of USD164.15 billion by 2030.4

In September 2022, Interswitch, in partnership with ProvidusBank, Mastercard and Thales Group, announced the introduction of a new Tap-to-Pay service in Nigeria. This CPs service allows cardholders to make fast, secure, and convenient in-store payments by tapping their Near Field Communication-enabled smart device at any contactless-enabled payment terminal.5 In addition, Now-Now, another Nigerian Company that offers Tap-and-Pay services6,

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Digital Lending Regulations In Nigeria: What Every Loan App Must Know After The FCCPC Court Victory

The Federal High Court's recent affirmation of the FCCPC's regulatory authority over digital lending marks a pivotal moment for Nigeria's loan app industry. With enforcement of the DEON Regulations now fully resumed, digital lenders face renewed scrutiny over registration, transparency, data privacy, and debt recovery practices. Understanding these compliance requirements is no longer optional—it's essential for survival in Nigeria's evolving fintech landscape.
NigeriaFinance and Banking
Olisa Agbakoba Legal (OAL)
Olisa Agbakoba Legal (OAL)
Article

CBN’S Data Localisation Directive – Compliance Considerations For Payment System Participants

Nigeria's Central Bank has introduced sweeping data localisation requirements that will fundamentally reshape how payment service providers, banks, and financial institutions handle transaction data. With a January 2027 compliance deadline, these new rules mandate that all payment transaction data generated within Nigeria must be stored and managed locally, raising critical questions about cloud infrastructure, vendor relationships, and operational readiness. This analysis examines the scope of the requirem
NigeriaFinance and Banking
Pavestones
Pavestones
Article

Nigeria’s SEC Tightens The Rules For Fund And Portfolio Managers: What Capital Market Operators Need To Know

The Nigerian Securities and Exchange Commission has introduced significant amendments to its Rules and Regulations governing Fund/Portfolio Management Operations, with far-reaching implications for how fund and portfolio managers conduct their business. These changes place heightened emphasis on investor protection, conflicts management, custody arrangements, and cross-border investments, requiring Capital Market Operators to fundamentally review their investment practices, client documentation, and governa
NigeriaFinance and Banking
Syntegral Legal Practice
Syntegral Legal Practice
Article

SEC’s Guidelines On Revised Minimum Capital Requirements For Capital Market Operators

Nigeria's Securities and Exchange Commission has introduced new capital adequacy rules for fund managers and private capital participants, establishing tiered minimum capital requirements based on assets under management. The guidelines clarify what constitutes qualifying capital, outline compliance pathways including cash injection and securities transfer, and set a June 2027 deadline for full implementation.
NigeriaFinance and Banking
Udo Udoma & Belo-Osagie
Udo Udoma & Belo-Osagie
Article

Nigeria's 15% Minimum Effective Tax Rate (Metr): Analysis For Multinational Enterprises And Large Domestic Companies

A major innovation introduced by the Nigeria Tax Act (the “NTA”) is the 15% Minimum Effective Tax Rate (the “METR”), which represents a fundamental shift in Nigeria’s corporate tax framework. The METR is intended to guarantee that companies of significant economic scale bear a minimum tax burden, notwithstanding the availability of incentives, exemptions, or reliefs.
NigeriaTax
AELEX
AELEX
Article

Data Localisation In Nigeria: Separating Myth From Reality

Artificial intelligence, cloud computing, cybersecurity and digital sovereignty have fundamentally changed the way governments think about data. Around the world, policymakers are increasingly asking where data should be stored, who should have access to it and under what circumstances it should leave national borders. These questions are no longer confined to technology policy, they have become matters of economic policy, national security, industrial development and international trade.
NigeriaTechnology
AELEX
AELEX
Article

Innovative Trade Finance: Promoting Inclusivity, Resilience And Interoperability Through Digitalisation

The increasing digitalisation of global commerce fundamentally transforms how Trade Finance is deployed and accessed by businesses. The International Chamber of Commerce (“the ICC”) defines Trade Finance as the invisible bridge that makes global trade flow. Trade Finance connects entities across continents, mitigates payment risks and is enzymatic to market progression and economic stability.
NigeriaInternational Law
AELEX
AELEX