Digital PayExpo 2023: CBN To Release Guidelines On Contactless Payment In Nigeria

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Digital PayExpo 2023: CBN To Release Guidelines On Contactless Payment In Nigeria
Digital PayExpo 2023: CBN To Release Guidelines On Contactless Payment In Nigeria

BrandSpur Nigeria reports that Musa Jimoh, Director payments system management Department, said, the Central Bank of Nigeria (CBN) is in the process of finalizing the guideline to govern and promote the use of contactless payment in Nigeria.

Musa stated this at the just concluded Digital PayExpo 2023 held in Lagos, Nigeria.

The CBN’s proposed guideline for contactless payments in Nigeria is designed to foster the adoption and secure implementation of this payment method. Mr. Musa Jimoh said the introduction of contactless payment is another tool the apex bank will introduce before the end of 2023, to mitigate any inconvenience that may arise when the old notes make way for the new ones.

Musa said the guidelines would cover the technical and operational requirements for implementing contactless payment systems and the security measures needed to protect customers’ information.

An interesting feature of contactless payment is the introduction of Free on board (FOB). In this case the risk of loss shifts from the buyer to seller”, he said.

Identifying some of the benefits of contactless payment which include ease of payments, speed and convenience to consumers’ in-person transactions using their phone, Adefuye noted that this would enhance customer experience.

According to Musa, “the contactless payment system is more secure than traditional payment methods thus giving customers peace of mind; it will reduce printing of currency thus save the regulator cost of printing and managing currency in circulation; and it reduces the spread of contagious diseases during payment due to the lack of contact”.