According to a circular signed by the Director, Payments
System Management Department at the apex bank, Mr. Musa Jimoh, “the draft
guidelines was conceived to ensure that participants in contactless payments
implement appropriate risk management processes and measures while keeping to
best relevant practices.”
Under the guidelines, the CBN listed stakeholders in
contactless payments to include, acquirers, issuers, payment schemes, card
schemes, switching companies, Payments Terminals Service Providers (PTSP),
Payments Terminal Service Aggregators (PTSA), merchants, terminal owners and
customers.
The proposed framework requires that customers, for
instance, should have the option to withdraw from contactless payments
agreements without prior notice to the issuer. However, customers are required
“to exercise due diligence in carrying out contactless payments transactions
and protect their payment instruments from unauthorised use.”
The apex bank also proposes that participants in contactless
payments will render monthly returns on transactions (including volume, value,
fraud data, failed transactions, among others) to it(CBN) in the format that it
will prescribe