On Friday, the Central Bank of Nigeria (CBN) announced sweeping new measures for fast payment operations, including a limitation that limits mobile banking applications to a single device per customer.
The mandate was contained in a circular issued by the central bank’s Payments System Policy Department, signed by Director Musa Jimoh, and addressed to banks and other financial sector stakeholders.
According to the new policy, Nigerian bank customers will no longer be able to use the same mobile banking app on several devices at the same time.
According to the CBN, the regulation is part of new rules aimed at boosting the country’s quick payment operations, and it will take effect on July 1, 2026.
“The Central Bank of Nigeria, in accordance with its duty to promote financial system stability, hereby publishes supplementary instructions regarding the operations of instant payments in Nigeria:
All financial institutions (FIs) that offer Instant Payment (IP) must provide the following additional functionalities: Mandatory device binding: Mobile financial services applications (apps) may only be enabled on one device at a time, and consumers are not permitted to use the apps concurrently on numerous devices.
“Migration to another device will result in automatic reactivation and authentication.
“Customers will be able to opt out of or opt in to IP service at any moment and for any duration. This process will be subject to Multi-Factor Authentication (MFA) controls. When onboarding a new customer, the default configuration will be opt-in.
“In the opt-out mode, a client will be unable to make an online immediate transfer of funds (intra or inter) from his/her account to another customer.
Customers can, however, physically visit the banking institution to complete a transfer within this time period.
“Voluntary Transaction Limit: Subject to the existing maximum limitations of N25 million for individuals and N250 million for corporations, customers may increase the limits as needed.
“Any such change must be subject to improved due diligence and an acceptable risk assessment by the financial institution.
“The new transaction limit will take effect immediately following the successful completion of multi-factor authentication (client permission).
“Enterprise Fraud Monitoring functionality: All financial institutions must deploy and enable Enterprise Fraud Monitoring for both inflows and outflows in order to detect fraud and prohibit suspicious transactions.
“Liveliness Checks for Online Account Opening/Reactivation: Accounts opened online will undergo a liveliness check; all online account openings/reactivations will be validated in real time with the BVN/NIN database; and enhanced authentication mechanisms (such as MFA, biometric authentication, soft token, hard token, liveliness check, etc.) will be used for online account reactivation.
“For new accounts, transaction limits (inflow and outflow) will be placed on newly activated mobile financial services apps within the first 24 hours of activation.
“The limit shall be decided by the financial institution, with a maximum transaction limit of N20,000.00.
“For existing accounts, transaction limits (outflow) will be placed on newly activated mobile financial services apps within 24 hours of activation.
“The limit shall be decided by the financial institution, with a maximum transaction limit of N20,000.00.
“For internet banking access, the first login on a new device will require additional MFA. The above are the basic requirements for quick payments in Nigeria.
“Implementation of the above provisions shall take effect from July 1, 2026.”
Earlier, the apex bank issued another circular urging banks to tighten limitations on loan defaulters.