The Central Bank of Nigeria (CBN) has announced sweeping new guidelines that will significantly alter how Nigerians use mobile banking applications, mandating that such apps operate on only one device at a time per customer.
The directive, contained in a circular issued Friday to banks, financial institutions, and payment service providers (PSPs), forms part of additional regulatory guidance aimed at strengthening the security and stability of instant payments (IP) across the country.
According to the circular signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department, all financial institutions offering instant payment services must implement mandatory device binding for mobile financial service applications.
Under the new rule, a customer will no longer be able to run the same banking app simultaneously on multiple smartphones or tablets.
“Mobile financial services applications shall only be enabled on one device at a time, and customers cannot operate the apps concurrently on multiple devices,” the circular stated.
The CBN clarified that customers switching to a new phone or device will be required to undergo automatic reactivation and authentication before regaining access to mobile banking services.
This measure is intended to curb unauthorized access, identity theft, and digital fraud, which regulators say have become increasingly sophisticated.
In a notable move to give customers greater control over their accounts, the apex bank directed financial institutions to allow users to opt in or out of instant payment services at any time.
However, this action will be subject to strict Multi-Factor Authentication (MFA).
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By default, new customers will be automatically enrolled (opt-in) when opening an account. Customers who opt out will be unable to conduct online instant transfers — whether within the same bank or to other banks — until they reactivate the service.
During the opt-out period, transfers can only be completed through physical visits to bank branches.
The circular also allows customers to voluntarily adjust their transaction limits, provided they remain within existing regulatory caps of:N25 million for individual accounts; N250 million for corporate accounts
Any adjustment must undergo enhanced due diligence and risk assessment by the financial institution and will only take effect after successful multi-factor authentication and customer consent.
To further strengthen security, all financial institutions are now required to deploy Enterprise Fraud Monitoring systems covering both incoming and outgoing transactions.
The system is designed to detect suspicious activities in real time and restrict potentially fraudulent transfers before funds are lost.
The CBN also imposed tougher verification requirements for digital onboarding and account reactivation. These include:
Real-time validation with the Bank Verification Number (BVN) and National Identification Number (NIN) databases
Enhanced authentication methods such as biometrics, tokens, and MFA
For additional protection, newly activated mobile banking apps — whether for new or existing accounts — will face temporary transaction limits during the first 24 hours.
New accounts: Maximum of N20,000 inflow and outflow within the first 24 hours
Existing accounts activated on a new device: Maximum N20,000 outflow within the same period
Financial institutions may set lower limits based on their internal risk policies but cannot exceed the cap.
The regulator also mandated additional multi-factor authentication whenever customers log into internet banking platforms from a new device for the first time.
The CBN described the measures as minimum standards for instant payment operations nationwide, emphasizing that institutions may adopt even stricter controls where necessary.
Full implementation of the new provisions is scheduled to take effect on July 1, 2026.
The apex bank said the move aligns with its mandate to promote financial system stability, protect consumers, and safeguard Nigeria’s rapidly expanding digital payment ecosystem from fraud and cyber threats.