{"id":65872,"date":"2022-10-25T20:26:04","date_gmt":"2022-10-25T19:26:04","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=65872"},"modified":"2022-10-25T20:26:04","modified_gmt":"2022-10-25T19:26:04","slug":"cbn-issues-draft-contactless-payments-guidelines","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/cbn-issues-draft-contactless-payments-guidelines\/","title":{"rendered":"CBN Issues Draft Contactless Payments Guidelines"},"content":{"rendered":"<p dir=\"ltr\">The Central Bank of Nigeria (CBN) has issued Draft Guidelines on Contactless Payments, which prides that all such transactions must be linked to accounts with Bank Verification Numbers<\/p>\n<div align=\"left\">\n<p dir=\"ltr\">In a circular referenced: PSM\/DIR\/PUB\/CIR\/01\/040 and dated October 17, 2022, the apex bank said that the guidelines were part of its efforts to standardise operations in the payments system and to sustain system\u2019s stability in the country\u2019s banking industry.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">Contactless payments involves the consummation of financial transactions without physical contacts between the payer and acquiring devices which have been identified as innovative option for safe and efficient conduct of low-value large volume\u00a0 payments.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">It said that the draft guidelines were \u201cconceived to ensure that participants in the contactless payments implement appropriate risk management processes and measures while keeping to best relevant standards.\u201d<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">According to the circular, only institutions licensed by the CBN shall serve as acquirers.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">It also stipulated that acquirers who engage contactless payments in Nigeria must ensure that all their contactless devices were connected to an account or Bank Verification Number and ensure that they adhered strictly to the set contactless transaction limits.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">In addition, acquirers who engage in contactless payments \u201cshall ensure that their applications, instruments, tokens and devices meet current standards and specifications\u00a0 for contactless payments.\u201d<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">CBN said that the draft guidelines were being exposed to banks, other financial institutions and the general public for their inputs which should reach the Director, Payments Systems Management Department, last November 5, 2022.<\/p>\n<\/div>\n<\/p><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has issued Draft Guidelines on Contactless Payments, which prides that all such transactions must be linked to accounts with Bank Verification Numbers<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":37880,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[36],"coauthors":[2391],"class_list":["post-65872","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-cbn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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