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Central Bank of Nigeria introduces one-device mobile banking rule to curb fraud.
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New instant payment guidelines include MFA, transaction limits, and enterprise fraud monitoring.
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Policy affecting banks and fintechs in Nigeria takes effect July 1, 2026
The Central Bank of Nigeria (CBN) has introduced new regulations governing instant payment operations, including a restriction that limits mobile banking applications to a single device per customer.
The directive was contained in a circular issued by the apex bank’s Payments System Policy Department and signed by its director, Musa Jimoh, and addressed to banks and other financial sector stakeholders.
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Under the new policy, customers will no longer be allowed to operate the same mobile banking application on multiple devices simultaneously.
According to the CBN, the new framework is part of broader measures aimed at strengthening instant payment operations and improving security within Nigeria’s financial system.
The bank explained that migrating a mobile banking application to another device would require reactivation and authentication before it can function.
Customers will also have the option to opt in or opt out of instant payment services at any time, subject to multi-factor authentication controls.
The circular further stated that customers can voluntarily adjust their transaction limits within the existing maximum thresholds of ₦25 million for individuals and ₦250 million for corporate accounts.
However, any adjustment would require enhanced due diligence and risk assessment by the financial institution.
To strengthen fraud detection, the apex bank directed all financial institutions to implement enterprise fraud monitoring systems capable of tracking both incoming and outgoing transactions.
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The guidelines also introduced additional requirements for online account opening and reactivation, including liveliness checks and real-time verification through the BVN and NIN databases.
For newly activated mobile banking applications, the CBN said a transaction cap would apply within the first 24 hours of activation.
According to the directive, the limit will be determined by financial institutions but must not exceed ₦20,000 during that period.
The apex bank noted that the new measures represent the minimum operational standards for instant payments in Nigeria and will take effect from July 1, 2026.
