NewStats: 3,263,774 , 8,181,363 topics. Date: Saturday, 07 June 2025 at 09:04 PM 3m5mh

The Central Bank of Nigeria (CBN) has placed a N50,000 daily limit on less payments either through bank s or digital wallets.


The CBN disclosed this on Tuesday in a circular titled, “Transaction Limits on less Payments” signed by its Director, Payment System Management Department, Musa Jimoh.

The apex bank also limited the amount per transaction to N15,000 on less payments

It stated: “Following the issuance of the Guidelines on less Payments in Nigeria and in cognizance of the risks associated with less payments, the Bank hereby defines transaction limits above which verification and authorization are required.

“Transaction limits for less payments through s/wallets in Nigeria shall be as follows: Transaction limit maximum amount is N15,000 and daily cumulative limit maximum amount is N50,000.

“Higher-value less payments are transactions that exceed the above stated limits and shall require appropriate verification and authorization.

“For these transactions, existing Know Your Customer (KYC) requirements and limits on the electronic payment channels shall apply.

“Limits above this stipulated daily cumulative limit shall be conducted using -based technology. Please be guided accordingly.”

It added: “less technology is a technology that enables an alternative payment method whereby payment instruments are used without physical with devices. less technology in payments provides easy, convenient, and efficient cashless options for s.

“Examples of less payment instruments include pre-paid, debit and credit cards, stickers, fobs, wearable devices, tokens and mobile electronic devices. less-enabled payment terminals interact with less payment devices to facilitate payments.”

Source: https:///CBN-Sets-N50000-As-Daily-Limit-On-less-Payments

Let us breeve.

Change begins with CBN

PHIPEX you're lying

It seems you and the people liking your post do not know what less payment is

Okay noted

People will have enough excuse to owe you now. Trust Nigerians

Ayam not understanding

I noticed this nonsense today on my . 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?

Does that mean we can't transfer more than 50k

Nigerian bankers are the most brilliant set of Nigerians


Nigerian banking industry are the most innovative in the world

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.

I don’t get it

Very preposterous, does it mean I can’t exceed 50k transfer using my app

The question is what is less payment.

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 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....

Sablexxxtoons:
The question is what is less payment.

Co ask...

They will soon add charges if you want to exceed 50k.

Tinubu and his "owo mi da" reforms.

iSense247:
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.

A less payment does not require you to swipe your card though a POS machine or make interactive with your device to do a transfer before you make payment.

With less payment, you just hover your card or a device next to a ed 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 less payment typically works

1. The customer presents his less card or NFC enable phone over a POS terminal that accepts such payments
2. The wireless chip transmits card information
3. The payment terminal 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

PHIPEX:
I noticed this nonsense today on my . 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?

Try to read and understand the context or content of the information well now.

Bebigiby1:
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 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....

You people can't stop speaking nonsense na wa o

Someone should explain this write up

Nigerians will not cease to disappoint due to their half baked Knowledge. Instead of them to seek to understand what less payment is before commenting, they'd rush to the comment section to spew trash all because they want to talk down on government policies.

RubiesBanking:


A less payment does not require you to swipe your card though a POS machine or make interactive with your device to do a transfer before you make payment.

With less payment, you just hover your card or a device next to a ed 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 less payment typically works

1. The customer presents his less card or NFC enable phone over a POS terminal that accepts such payments
2. The wireless chip transmits card information
3. The payment terminal 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

Thanks for the clarity

darling4242:
Chang begin with CBN

pls wetin be less payment

Each day new policy,

PHIPEX:
I noticed this nonsense today on my . 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?

iSense247:
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.

PrincessofDSS:
I don’t get it

Very preposterous, does it mean I can’t exceed 50k transfer using my app

OneCandleAway:
Does that mean we can't transfer more than 50k

Bebigiby1:
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 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....

Sablexxxtoons:
The question is what is less payment.

Blitzking:
Someone should explain this write up

This is for less payments, not your regular transfer or card payment.

With less 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. less 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.

hata

Una woan start again bah