Contactless payments offer a convenient and, where proper safeguards are introduced, significantly safer payment method. With projections that Contactless Payments will reach a global value of USD164.15 billion by 2030 and major players in the Nigerian private sector rolling out contactless payment solution, it is unsurprising that the Central Bank of Nigeria rolled out the exposure draft of the guidelines for contactless payments in Nigeria (Draft Guidelines) which seeks to regulate and set standards for the operation of contactless payments in Nigeria.

In this Article, our Davidson Oturu and Agboola Mubarak Dosunmu review the Draft Guidelines and consider how it impacts the financial services market in Nigeria.