CBN will Provide Rules for Contactless Payments.

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According to the Central Bank of Nigeria (CBN), guidelines will soon be released to encourage the effective and safe usage of contactless payments throughout the nation. The apex bank claims that this is all a part of its efforts to modernize and advance Nigeria’s cashless payment policy.

The introduction of contactless payment is another tool the apex bank will introduce before December 31 to mitigate any inconvenience that may arise when the old notes are replaced with the new ones, according to Jimoh, who was represented by the Deputy Director, Payment Systems Management Department at CBN, Adefuye Adeyemi.

Prepaid debit and credit cards, stickers, keychains, wearable technology, tokens, and mobile electronics devices are some of the tools that will be utilized for contactless payment. An intriguing quality of contactless payment is the introduction of Free on board (FOB).

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