During the recently concluded Digital Pay Expo 2023, the Central Bank of Nigeria (CBN) announced its plans to issue guidelines aimed at promoting the safe and efficient use of contactless payments nationwide. This initiative is part of the CBN’s ongoing efforts to modernize and drive the cashless payment policy in Nigeria.
Mr. Musa Jimoh, the Director of the Payment System Management Department at the CBN, delivered a speech on “contactless policy and financial inclusion” at the event, confirming that the CBN is in the final stages of developing guidelines to govern and encourage the use of contactless payments in Nigeria.
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The Proposed Guidelines for Contactless Payments
The proposed guidelines for contactless payments in Nigeria are intended to facilitate the adoption and secure implementation of this payment method. Mr. Musa Jimoh emphasized that the introduction of contactless payments is one of the measures the CBN plans to implement before the end of 2023 to minimize any inconvenience that may arise during the transition from old to new currency notes.
The guidelines will cover technical and operational requirements for implementing contactless payment systems, as well as the necessary security measures to safeguard customers’ information.
At the Digital Pay Expo 2023 exhibition, officials from the CBN showcased the benefits of contactless payments, including the use of the e-naira, as the apex bank aims to increase adoption among Nigerians.
The exhibition showcased groundbreaking solutions that are reshaping the payment industry, and attendees had the opportunity to witness the convergence of convenience, security, and speed in these innovative payment solutions. It provided a glimpse into a future where transactions are effortless and frictionless.
As the payment industry rapidly evolves, it is crucial to embrace the future of payments and stay ahead of the curve. The Digital Pay Expo serves as a platform for networking, collaboration, and partnerships, allowing professionals, key players, industry stakeholders, and policymakers to connect and shape the future of payments.
Stay tuned for the unveiling of the theme for Digital Pay Expo 2024 in the coming months. Visit the website and follow the social media channels for the latest news and developments in the digital payment revolution.
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