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ARTICLE · 14 NOVEMBER 2022

CBN Issues Draft Guidelines On Contactless Payments In Nigeria

Olaniwun Ajayi
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Contactless payment is the system by which devices that have radio-frequency identification or near-field communication are used for making secure payments.

NigeriaFinance and Banking
Damilola Salawu
Damilola Salawu
Kofoworola Toriola
Kofoworola Toriola
Tayo Fabusiwa
Tayo Fabusiwa
Blessing Olutoye
Blessing Olutoye
Moyin Adegboye
Moyin Adegboye

BACKGROUND

The Draft Guidelines on Contactless Payment in Nigeria (the Draft Guidelines) were recently issued by the Central Bank of Nigeria (CBN) via a circular to Banks, Other Financial Institutions (OFIs) and Payments Service Providers1 . The Draft Guidelines were issued 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.

Contactless payment, also referred to as "Tap to Pay", is the system by which credit and debit cards, smartcards, tags, mobile devices and any other devices that have radio-frequency identification or near-field communication (NFC), are used for making secure payments.

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