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BUSINESS: CBN Sets N50k Daily Limit On Contactless Payments

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The Central Bank of Nigeria (CBN) has set daily transaction limits to N50,000 for contactless payment.

Contactless payments are a secure and convenient method of making transactions without physical contact between a payment device, such as pre-paid, debit, and credit cards, key fobs, mobile electronic devices, and wearable devices.

It utilises near-field communication (NFC) technology, allowing users to simply tap or wave their payment device near the terminal to complete a transaction.

In October 2022, the financial regulator issued guidelines to commercial banks, financial institutions, and payment service providers on contactless payments in order to promote innovation in the sector.

In a circular on Tuesday, signed by Musa Jimoh, director, CBN payments system management department, the apex bank said due to the risks associated with contactless payments, “verification and authorisation would be required for transactions above the limits”.

“Following the issuance of the guidelines on contactless payments in Nigeria and in cognisance of the risks associated with contactless payments, the bank, hereby, defines transaction limits above which verification and authorisation are required,” the circular reads.

“Transaction limits for contactless payments through accounts/wallets in Nigeria shall be as follows: transaction limit 15,000, daily cumulative limit N50,000.

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

The CBN further said for transactions above limits, “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,” the apex bank added.

On Sunday, the CBN directed commercial banks to collect and verify social media handles as part of their KYC procedures.

BIG STORY

JUST IN: Jigawa State Governor Loses 24-Yr-Old Son A Day After Mother’s Demise

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Tragically, just one day after the passing of his mother, Governor Namadi of Jigawa has now lost his 24-year-old son.

A statement from the governor’s spokesperson, Hamisu Gumel, confirmed that the governor’s son sadly lost his life in a road accident on Thursday.

“To Allah belongs that which He has taken, and to Him belongs that which He has given, and everything has an appointed time with Him.”

“With a heavy heart and total submission to the will of Almighty Allah, His Excellency Mallam Umar Namadi, Governor of Jigawa State, announces the passing of yet another member of his family; his dear son Abdulwahab Umar Namadi.

“He departed this world this afternoon (Thursday, December 26th, 2024) as a result of a ghastly motor accident along Dutse-Kafin-Hausa Road. “The burial rite is taking place at this moment in Kafin Hausa town, in accordance with Islamic traditions.

“A 24-year-old, late Abdulwahab is survived by his parents and many siblings. “To Allah belongs that which He has taken, and to Him belongs that which He has given, and everything has an appointed time with Him.”

 

More to come…

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Sokoto Counters Military, Says 10 Civilians Accidentally Killed In Air Strike

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The Sokoto state government says no fewer than 10 civilians were killed when a military air strike targeted suspected terrorists in Gidan Bisa village, Silame LGA of the state.

Abubakar Bawa, press secretary to Ahmed Aliyu, governor of the state, wrote in a statement issued on Wednesday.

Bawa quoted Abubakar Rana, chairman of Silame LGA, as saying that the incident occurred around 6am on Christmas Day, when two military fighter jets “mistakenly” dropped bombs on the village.

Aliyu, who was accompanied by Aliyu Wamakko, leader of the All Progressives Congress (APC) in the state, and Muhammadu Maigari Dingyadi, minister of labour and employment, attended the funeral prayers for the victims.

Consoling the villagers, the governor described the incident as “unfortunate.”

“The military jets were on their mission to eliminate criminal armed groups terrorising the state and mistakenly bombed innocent people of this community,” he said.

“We consider this a mistake because the same military had on several occasions successfully raided many criminal hideouts in the state.”

Aliyu prayed for Allah’s forgiveness for the deceased and strength for their families.

Muhammad Sifawa, secretary to the state government, announced a relief package of N20 million and 100 bags of assorted foodstuffs for the families of the deceased.

He also assured that the state government would cover the medical bills of the injured.

The military had denied reports of civilian casualties in the bombing.

Reports said air strikes conducted by the air component of Operation Hadarin Daji, targeting the Lakurawa terrorist group, had inadvertently killed civilians in the Gidan Sama and Rumtuwa communities.

However, Abubakar Abdullahi, joint media coordinator for the operation, said the strikes targeted locations confirmed to be linked to the insurgents.

“All military operations are based on thorough intelligence and reconnaissance missions to ensure precision and protect civilian lives,” Abdullahi said.

“The targets struck in the vicinity of Gidan Sama and Rumtuwa were positively identified as associated with the Lakurawa group, reinforcing the justification for the military action.”

Olusola Akinboyewa, spokesperson for the Nigerian Air Force, told TheCable that the missiles were launched following credible intelligence from multiple sources and confirmatory aerial surveillance.

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Adron Homes Celebrates Christmas With Customers, Reaffirms Commitment To Bridging Nigeria’s Housing Deficit

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As the world embraces the joy and warmth of the Christmas season, Adron Homes and Properties, Nigeria’s foremost real estate company, has extended heartfelt greetings to its esteemed customers while reaffirming its commitment to addressing the nation’s housing challenges.

In a message of gratitude and celebration, Adron Homes expressed deep appreciation to its customers for their trust and loyalty throughout 2024. The company highlighted its unwavering dedication to making incredible housing affordable for all Nigerians, in line with its mission of reducing the country’s housing deficit.

“Christmas is a time to celebrate family, unity, and gratitude,” the statement read. “As we reflect on the year, we are proud to have played a role in making homeownership a reality for thousands of Nigerians. Our vision is clear—to bridge the housing deficit by providing affordable, luxurious, and secure homes for all, regardless of income level.”

Adron Homes has continued to lead the real estate industry by implementing innovative solutions that make homeownership accessible, including flexible payment plans and cost-effective housing models tailored to meet diverse customer needs.

As part of its Christmas and end-of-the-year celebration, the company has launched a special festive promotions ‘Lemon Friday’ aimed at encouraging more Nigerians to join its growing community of homeowners.

“We remain committed to transforming dreams into reality. This is not just about building homes; it’s about building futures and creating opportunities for families to thrive in a space they can call their own,” the statement added.

Adron Homes extended warm wishes to all Nigerians and its global customers, urging them to embrace the season’s spirit of love and hope. “May your homes be filled with peace, joy, and prosperity this Christmas and beyond.”

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