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CBN Sets New Rules For Contactless Payment
CBN Sets New Rules For Contactless Payment
Nigeria’s financial regulator, CBN, recently introduced new guidelines for digital payment providers offering contactless payment support to Nigerians.
Contactless payments, also known as proximity payments, allow users to make transactions by simply tapping or waving their payment devices at point-of-sale terminals without the need to enter a PIN for confirmation. The new rules stipulate that contactless transactions will be limited to N15,000 ($19.65) per transaction and a maximum of N50,000 ($65.5) daily.
Contactless payments utilize technologies such as radio frequency identification (RFID) or near-field communication (NFC), enabling authorized devices like smartphones and cards to initiate and authorize payment transactions without additional confirmation from the user. These technologies have gained popularity, particularly during the COVID-19 pandemic, as they offer a safer and more hygienic payment method.
The increase in contactless payments can be attributed to the recommendations of the World Health Organization (WHO) in 2020, urging the adoption of contactless transactions to mitigate the spread of COVID-19. Many countries, including 30 European nations, raised their contactless payment limits in response.
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In the UK, contactless payment limits were raised to £100 in October 2021, making it one of the world’s largest markets for contactless transactions without needing identity confirmation. Contactless payments now account for a significant portion of transactions, with approximately 75% of all Mastercard transactions in Europe and up to 80% of in-person payments in the UK being contactless.
Nigeria’s new guidelines place fraud prevention on the acquirers (banks of the payment recipients), issuers (banks of the customers), and merchants offering contactless payment channels. They will be held liable for fraudulent negligence or collusion transactions. The guidelines also specify that contactless payment should only be enabled for users with Bank Verification Numbers (BVNs). Transactions exceeding the set limit require additional authorization through a PIN, mobile code, or biometric identification.
In contrast, the United States and Ecuador regulators have not imposed any limits on single contactless transactions. However, Nigerian fintech companies have taken additional measures to combat fraud by implementing ID verification as part of the onboarding process, regardless of the customers’ Know Your Customer (KYC) level. Paga, a fintech company founded in 2009, recently announced its decision to require all customers to undergo additional ID verification.
The Central Bank of Nigeria, CBN, explained that the decision to limit contactless transaction amounts was driven by the need to mitigate the risks associated with such payments. Setting transaction limits is a standard practice in fraud prevention, and data from UK Finance showed that in 2020, only £16 million of the £574 million lost to card fraud was attributed to contactless payments. Considering the total value of contactless transactions, this represents a minimal fraction of fraud, demonstrating the effectiveness of limiting transaction amounts.
While Nigeria embraces contactless payments, South Africa leads the way in Africa. A report from Tech Central revealed that over half of First National Bank (FNB) customers in South Africa prefer contactless payments, utilizing contactless-enabled cards or intelligent devices. This preference indicates a strong consumer demand for the convenience and security contactless payment methods offer.
As Nigeria implements these new guidelines, it aims to balance promoting the convenience of contactless payments and mitigating the associated fraud risks. The regulations provide a framework for ensuring the country’s security and integrity of digital transactions.
President Tinubu honoured 50 Nigerians on Democracy Day 2026, including Dasuki, Joe Igbokwe and Dele Alake. See the full list and what it means.
On 12 June 2026, President Bola Tinubu conferred national honours on 50 Nigerians described as key figures in the country’s pro-democracy struggle.
The announcement was made during the 2026 Democracy Day address, which commemorates the annulled 12 June 1993 presidential election. Honourees include journalists, civil rights activists, and military officers.
President Bola Tinubu conferred national honours on 50 prominent Nigerians on Friday, 12 June 2026. The honourees were recognised as central participants in the nation’s pro-democracy movement, a campaign that opposed military dictatorship throughout the 1990s.
The announcement formed part of the president’s nationwide 2026 Democracy Day address. Democracy Day marks the anniversary of the 12 June 1993 presidential election, a poll widely regarded as the freest in Nigerian history before its annulment by the military government of the period.
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This article outlines the context of the awards, identifies the categories of honourees, names notable recipients such as Sambo Dasuki, Joe Igbokwe, and Oladele Alake, and explains the next steps in the conferment process.
Why did Tinubu confer the national honours on 12 June 2026?
The conferment is tied directly to Democracy Day, an annual observance commemorating the 12 June 1993 presidential election. President Tinubu used the occasion to recognise individuals identified as central figures in Nigeria’s transition from military rule to civilian democracy.
In his address, the president stated that the honourees suffered persecution in the course of the pro-democracy struggle. He noted that many endured indignities, exile, incarceration, and, at times, solitary confinement so that Nigeria could enjoy democratic governance today.
The recognition therefore functions as both a historical acknowledgement and a formal state honour, linking the sacrifices of the 1990s to the present democratic order.
Who are the notable recipients of the national honours?
The honours list comprises several categories of recipients, including journalists, civil rights leaders, legal practitioners, and senior military officers. Among the most widely recognised names are the following:
- Oladele Alake, a long-standing public figure in Nigerian governance and media.
- Joe Igbokwe, a prominent political activist and commentator.
- Colonel Sambo Dasuki, a senior military officer included in the soldier-democrats category.
- Dr Joe Okei-Odumakin, a recognised civil rights campaigner.
- Dr Arthur Nwankwo (posthumous), honoured for his role in the democratic struggle.
- Ben Charles-Obi (posthumous), recognised among the journalists and activists.
The inclusion of posthumous awards reflects the state’s intention to acknowledge contributors who did not survive to witness the present democratic dispensation.
What categories of honourees were recognised?
The honours list is organised into two broad groupings. The first comprises journalists, lawyers, academics, and civil rights leaders. The second comprises military officers designated as “soldier-democrats”.
Journalists, lawyers, and civil rights leaders
This grouping recognises individuals who advanced the pro-democracy cause through media, advocacy, and legal channels. Named recipients include:
- Barrister Ayoka Lawani
- Tunde Fagbenle
- Oladele Alake
- Olatunji Bello
- Louis Odion
- Segun Babatope
- Sam Omatseye
- Sir Ademola Osinubi
- Bola Bolawole
- Lade Bonuola
- Femi Kusa
- Debo Adeniran
- Chief Ayo Opadokun
- Chief Ralph Obiora
- Ose Osayande
- Barrister Osa Director
- Professor Sylvester Odion-Akhaine
- Dr Arthur Nwankwo (posthumous)
- Dr Osagie Obayuwana
- Dr Joe Okei-Odumakin
- Barrister Titus Mann
- Joe Igbokwe
- Richard Akinnola
- Ben Charles-Obi (posthumous)
- George Mbah
- Dr Niran Malaolu
- Major-General Ishola Williams (retired)
- Femi Aborisade
- Jenkins Alumona
- Gbemiga Ogunleye
- Muyiwa Adekeye
- Babajide Kolade-Otitoju
- Ike Okonta
Soldier-democrats
This grouping recognises military officers associated with resistance to military dictatorship. Named recipients include:
- Major-General M. A. Garba
- Brigadier-General Lawal Jaafaru Isa
- Colonel Umar Farouk Ahmed
- Colonel Sambo Dasuki
- Colonel Lawan Gwadabe
- Brigadier Jonathan Ndam Temlong
- Colonel Musa Shehu
- Major-General Chris Eze
- Major-General Harris Dzarma
- Colonel Isa Jibrin
- Major-General Joseph Oshanupin
- Colonel Olusegun Oloruntoba, Olugbede of Gbede Kingdom
- Lieutenant-Colonel Happy Kefas Bulus
- Colonel J. Okai
- Colonel Emmanuel Ndubueze
- Lieutenant-Colonel Yakubu Muazu
- Brigadier Yahaya Abubakar, the current Etsu Nupe and existing holder of the CFR title
When will the awards be formally presented?
The president stated that the formal presentation and conferment of the awards will be carried out in the coming days. According to the address, the full honours list will be released within the next few days.
The announcement therefore represents the declaration stage of the process rather than the formal investiture, which is scheduled to follow.
What does this conferment signify for Nigeria?
The 2026 Democracy Day honours connect the historical pro-democracy struggle to contemporary national recognition. By including journalists, activists, lawyers, and military officers, the awards acknowledge a broad spectrum of contributors to Nigeria’s civilian transition.
The presence of posthumous awards further underlines the state’s intention to honour participants across generations, including those who did not live to see the present democratic order.
Frequently asked questions
How many Nigerians received national honours on Democracy Day 2026?
President Bola Tinubu conferred national honours on 50 Nigerians during the 2026 Democracy Day address on 12 June 2026.
Why is 12 June significant in Nigeria?
12 June marks the anniversary of the 1993 presidential election, which was annulled by the military government of the time. The date is now observed as Nigeria’s Democracy Day.
Who are the most notable recipients of the 2026 national honours?
Notable recipients include Oladele Alake, Joe Igbokwe, Colonel Sambo Dasuki, and Dr Joe Okei-Odumakin, alongside posthumous honourees such as Dr Arthur Nwankwo and Ben Charles-Obi.
Were any awards conferred posthumously?
Yes. Posthumous honours were conferred on Dr Arthur Nwankwo and Ben Charles-Obi in recognition of their contributions to the pro-democracy struggle.
When will the national honours be formally presented?
President Tinubu stated that the formal presentation and conferment will take place in the coming days, with the full honours list to be released shortly after the announcement.
A short-statured Ghanaian woman has sparked online debate after making contentious remarks regarding her romantic relationship preferences.
During a recent interview with De God Son TV, the diminutive lady expressed her aversion to dating guys of shorter height despite her diminutive Ghanaian woman. She remarked that short men do not match her “specifications” for relationships.
When questioned about her explanation, she stated that she sees shorter men as resembling infants, even though they are adults.
“I have a 7-year-old son, so dating a short man feels like dating my son,” she explained, finding parallels between her personal and romantic lives.
Watch the video below.
Once again, Nigerian singer Davido has made headlines for proving his status as a rich man with two luxury cars entering Nigeria: a Rolls-Royce and a Tesla Cybertruck.
The musician posted a picture of the trip on social media, his pure white Rolls Royce parked on the runway, ready for shipment.
Another photo depicted the Tesla Cybertruck being loaded into an aircraft to verify the truck’s arrival in Nigeria.
Cubana Chief Priest, another close associate and entrepreneur, also saluted the new cars with an Instagram image. He congratulated Davido on his feats, dubbed him the “GOAT,” and hinted at a festive December with new vehicles added to the singer’s collection.
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