Cashless Economy: CBN Announces New Payment Systems

The Central Bank of Nigeria (CBN) has announced guidelines for the use of new Contactless payment systems in the country.

Adeyemi Adefuye, the Deputy Director of the Payment System Management Department of the CBN disclosed this during a recent event in Calabar, Cross River State.

Adefuye mentioned that the innovation was part of the CBN’s efforts to promote the safe and efficient use of cashless payments.

The guidelines would cover technical and operational requirements, as well as security measures to safeguard customers’ information.

Adefuye said:

“Contactless technology in payments will provide easy, convenient, and efficient cashless options for users. Create shorter queues at checkout points.”

According to Adefuye, the move has several benefits to consumers, including ease of payments, speed, and convenience. These benefits enhance customers’ experience and make in-person phone transactions more efficient.

Moreover, Adefuye believed that contactless payment would increase spending, revenue, and profitability for businesses.

Adefuye again said:

“An interesting feature of the contactless payment is the introduction of Free onboard (FOB). In this case, the risk of loss shifts from the buyer to seller.

“Contactless payments offer increased security and reduce printing costs while minimising the risk of spreading contagious diseases during transactions.”

Stickers, Fobs, Wearable devices, Tokens, and Mobile electronic devices were the tools to be used for the new contactless payment scheme.