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Nairaland Forum / Nairaland / General / Business / CBN Sets N50,000 As Daily Limit On Contactless Payments (50065 Views)
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CBN Sets N50,000 As Daily Limit On Contactless Payments by adenigga(m): 4:41pm On Jun 28, 2023 |
The Central Bank of Nigeria (CBN) has placed a N50,000 daily limit on contactless payments either through bank accounts or digital wallets. Source: https:///CBN-Sets-N50000-As-Daily-Limit-On-Contactless-Payments 3 Likes 4 Shares
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Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by TemplarLandry: 4:44pm On Jun 28, 2023 |
Let us breeve. ![]() 13 Likes 1 Share |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Nobody: 4:44pm On Jun 28, 2023 |
Change begins with CBN 7 Likes 1 Share |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Parachoco: 4:47pm On Jun 28, 2023 |
PHIPEX you're lying It seems you and the people liking your post do not know what Contactless payment is 1 Like |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by baralatie(m): 5:05pm On Jun 28, 2023 |
Okay noted |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Bidema: 5:09pm On Jun 28, 2023 |
People will have enough excuse to owe you now. Trust Nigerians 51 Likes 2 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by GOFRONT(m): 5:26pm On Jun 28, 2023 |
Ayam not understanding 166 Likes 12 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by PHIPEX(m): 5:28pm On Jun 28, 2023 |
I noticed this nonsense today on my account. This is another policy somersault. This people are only interested in frustrating Nigerians. How do you peg my daily transfer to 50k meaning we should all return to queuing in the banking hall? Why are we returning to 1990 Banking system instead of going forward? 265 Likes 21 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by OneCandleAway(f): 5:32pm On Jun 28, 2023 |
Does that mean we can't transfer more than 50k 70 Likes 4 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by kingsways: 5:33pm On Jun 28, 2023 |
Nigerian bankers are the most brilliant set of Nigerians Nigerian banking industry are the most innovative in the world 4 Likes 3 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by iSense247: 5:36pm On Jun 28, 2023 |
This is preposterous. They should have given us reasons for this policy. 15k per transaction and 50k per day is too low in this inflation economy. It's sad that government is controlling how we spend our own money. 113 Likes 6 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by PrincessofDSS(f): 5:46pm On Jun 28, 2023 |
I don’t get it Very preposterous, does it mean I can’t exceed 50k transfer using my app 43 Likes 4 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Sablexxxtoons: 5:49pm On Jun 28, 2023 |
The question is what is contactless payment. 328 Likes 19 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Bebigiby1: 5:53pm On Jun 28, 2023 |
Before the 2023 presidential election, I warned Nigerians about the consequences of allowing Tinubu and APC's evil government to continue, many in this forum didn't listen but continue to support the evil government. This new policy is not so different from policies under Emefiele that led to the current economic disastrous situation we are facing today. Until Nigerians decide to overlook tribe, religion and fight these evil leaders things may get worse.... As it stands it is not getting better.... This policy just like the naira swap policy will violate people's right to spend and earn. It will further destroy Nigeria's economy.... 170 Likes 15 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by yaki84: 6:18pm On Jun 28, 2023 |
Sablexxxtoons:Co ask... 18 Likes 4 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by lonecatt(m): 6:21pm On Jun 28, 2023 |
They will soon add charges if you want to exceed 50k. 84 Likes 6 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by CodeTemplar: 6:26pm On Jun 28, 2023 |
Tinubu and his "owo mi da" reforms. 73 Likes 6 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by RubiesBanking: 6:31pm On Jun 28, 2023 |
iSense247: A contactless payment does not require you to swipe your card though a POS machine or make interactive contact with your device to do a transfer before you make payment. With contactless payment, you just hover your card or a device next to a supported machine and it's much more secure. Any phone that is NFC [Near-Field Communication] enabled will also be able to utilize this feature, also you can use your credit or debit card if it has a RFID chip embedded in it. Here's how a contactless payment typically works 1. The customer presents his contactless card or NFC enable phone over a POS terminal that accepts such payments 2. The wireless chip transmits card information 3. The payment terminal contact the bank 4. The card issuer transmits an approval or a denial. Here is a small video explaining graphically what all this mean https://www.youtube.com/watch?v=2nldPwska-8 YOU ALSO HAVE TO BE CAREFUL BECAUSE ANYBODY CAN SCAN YOUR CARD AND EASILY MAKE FRAUDULENT TRANSACTIONS https://www.youtube.com/shorts/3C2wK7TFP0c cc. Sablexxxtoons yaki84 PHIPEX 209 Likes 17 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by WhatIf: 6:40pm On Jun 28, 2023 |
PHIPEX: Try to read and understand the context or content of the information well now. 109 Likes 4 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by GWMI(m): 6:45pm On Jun 28, 2023 |
Bebigiby1:You people can't stop speaking nonsense na wa o 84 Likes 6 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Blitzking: 6:54pm On Jun 28, 2023 |
Someone should explain this write up 10 Likes 3 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by wolesmile(m): 7:01pm On Jun 28, 2023 |
Nigerians will not cease to disappoint due to their half baked Knowledge. Instead of them to seek to understand what contact contactless payment is before commenting, they'd rush to the comment section to spew trash all because they want to talk down on government policies. 126 Likes 12 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by PHIPEX(m): 7:07pm On Jun 28, 2023 |
RubiesBanking:Thanks for the clarity 114 Likes 6 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Ezmans: 7:09pm On Jun 28, 2023 |
darling4242:pls wetin be contactless payment 4 Likes |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Tmex(m): 8:09pm On Jun 28, 2023 |
Each day new policy, 3 Likes |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by obailala(m): 8:38pm On Jun 28, 2023 |
PHIPEX: iSense247: PrincessofDSS: OneCandleAway: Bebigiby1: Sablexxxtoons: Blitzking:This is for contactless payments, not your regular transfer or card payment. With contactless payment cards, all you need do is bring your card close to a compliant POS machine and payment would be automatically taken from your card without you having to insert the card in the machine or inputting your pin. Contactless payments don't exist in Nigeria YET; I'm guessing they're just about to introduce it. But I doubt it would work in Nigeria though, especially given the sheer number of fraudsters we have. 104 Likes 5 Shares |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by YungMike(m): 8:39pm On Jun 28, 2023 |
hata |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Ask4bigneyo(m): 8:39pm On Jun 28, 2023 |
Una woan start again bah 1 Like 1 Share |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by obailala(m): 8:39pm On Jun 28, 2023 |
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