BIG STORY

BUSINESS: CBN Sets N50k Daily Limit On Contactless Payments

Published

1 year ago

June 28, 2023

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.

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BIG STORY

JUST IN: Education Minister Reverses 18-Year Age Limit For Admission

Published

4 hours ago

November 5, 2024

PorscheClassy News

The newly appointed Minister of Education, Dr. Tunji Alausa, has announced the removal of the 18-year age limit for admission into tertiary institutions in Nigeria.

He also indicated the possibility of a comprehensive review of the nation’s education policy.

However, Alausa made it clear that there would be no reversal of the Federal Government’s decision to invalidate over 22,700 degree certificates acquired by Nigerians from unrecognized universities in neighboring Togo and the Benin Republic.

Speaking at his inaugural ministerial press conference in Abuja on Wednesday, Alausa emphasized that practical education is key to tackling Nigeria’s unemployment crisis. He stated that tertiary institutions must stop producing graduates without ensuring job opportunities for them.

The minister also revealed plans for the federal government to partner with private sector players to provide training opportunities for students and help them realize their full potential.

Additionally, Alausa announced that universities focused on agriculture would be empowered to implement commercial farming practices as part of efforts to address the country’s food security challenges.

More to come…

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BIG STORY

JUST IN: 114 Released #EndBadGovernance Protesters Arrive Presidential Villa

Published

5 hours ago

November 5, 2024

PorscheClassy News

One hundred and fourteen #EndBadGovernance protesters, including minors and adults acquitted by the Federal High Court in Abuja, have arrived at the Presidential Villa.

The protesters, initially arraigned by the Police Force, were released following a court ruling by Justice Obiora Egwatu.

The case was dismissed at the request of the Attorney General of the Federation (“AGF”), Lateef Fagbemi.

Vice President Kashim Shettima, representing President Bola Ahmed Tinubu, is set to officially receive the released protesters.

They are then handed over to their respective Governors, specifically Uba Sani of Kaduna and Abba Yusuf of Kano.

Ministers present at the State House Auditorium in Abuja for the reception include: Tunji Alausa (“Minister of Education”); Nentawe Yilwatda (“Minister of Humanitarian Affairs and Poverty Reduction”); Balarabe Lawal (“Minister of Environment”) and Tanko Sununu (“Minister of State for Humanitarian Affairs and Poverty Reduction”).

Also, Senior Special Assistant on Community Engagement for the Northwest, Abdullahi Yakasai, is in attendance.

Other dignitaries present are Deputy Senate President Jubrin Barau and Chairman, House of Representatives Committee on Appropriation, Abubakar Bichi.

More to come…

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