Digital Pay Expo: CBN to release guidelines on contactless payment in 2023

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Digital Pay Expo: CBN to release guidelines on contactless payment in 2023
Mr Musa Jimoh, CBN’s Director payments system management Department

At the recently concluded Digital Pay Expo 2023, the Central Bank of Nigeria (CBN) has revealed that it is set to issue guidelines to promote the safe and efficient use of contactless payments nationwide. This is part of the apex bank’s efforts to modernise and drive the cashless payment policy in Nigeria.

Mr Musa Jimoh, the Director payments system management Department at the CBN, while giving a speech on “contactless policy and financial inclusion” at Digital PayExpo 2023, confirmed that the Central Bank of Nigeria is in the process of finalizing the guideline to govern and promote the use of contactless payment in Nigeria.

The CBN’s proposed guideline for contactless payments in Nigeria is designed to foster the adoption and secure implementation of this payment method.

Digital Pay Expo: CBN to release guidelines on contactless payment in 2023
Mr Musa Jimoh, the Director payments system management Department at the CBN

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.

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

Technext observed that officials of the CBN were at the Digital Pay Expo to discuss the benefits of contactless payments, including the use of the e-naira as the apex bank seeks to increase the adoption among Nigerians.

Digital Pay Expo: CBN to release guidelines on contactless payment in 2023
Digital Pay Expo 2023 Exhibition; The future is contactless!!!

The Digital Pay Expo 2023 featured an exhibition tour which was led by CBN and NDIC unveiled a mesmerizing collection of groundbreaking solutions that are reshaping the payment industry. It was an awe-inspiring experience to explore the innovations and possibilities that contactless payment presents to us, and how they are transforming the way we pay.

The exhibition was a testament to the rapid evolution of digital payments and the incredible strides currently being made in the industry. It was truly remarkable to witness the fusion of convenience, security, and speed in these innovative payment solutions, offering a glimpse into a future where transactions are effortless and frictionless.

Reflecting on the exhibition tour, the payment industry is evolving rapidly. As we move forward, let’s embrace the future of payments and continue to stay ahead of the curve. Together, we can shape a world where transactions are seamless, secure, and convenient, unlocking endless possibilities for businesses and consumers alike.

Digital Pay Expo: CBN to release guidelines on contactless payment in 2023
About the Digital Pay Expo

Digital PayExpo is committed to fostering innovation and providing an unparalleled platform for networking, collaboration, and partnerships. Digital PayExpo provides you with an opportunity to connect with like-minded professionals, key players, industry stakeholders, and policymakers who are shaping the future of payments. Forge meaningful connections, explore business opportunities, and be part of the global dialogue driving the digital payment revolution..

The theme for Digital PayExpo 2024 will be unveiled in the coming months. Keep an eye on our website and social media channels for the latest news and developments.


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