The Central Bank of Nigeria (CBN) has announced that mobile banking applications will now be restricted to a single device per customer, a move aimed at enhancing security and promoting financial system stability. The directive, which takes effect from July 1, 2026, was outlined in a circular to all banks, financial institutions, and payment service providers (PSPs) on Friday.
According to the circular, signed by Musa Jimoh, Director of the CBN Payments System Policy Department, customers will no longer be able to operate the same mobile banking application on multiple devices simultaneously. Migration to a new device will trigger automatic reactivation and authentication to ensure security.
Other key provisions in the new guidance for Instant Payments (IP) in Nigeria include:
Mandatory Device Binding: Mobile banking apps will only function on one device at a time, with automatic reactivation required for switching devices.
Opt-In/Opt-Out Flexibility: Customers can choose to opt-out of the IP service temporarily, with Multi-Factor Authentication (MFA) controlling the process. In opt-out mode, online instant transfers are disabled, though in-person transfers at the bank remain available.
Voluntary Transaction Limits: Customers can adjust transaction limits within existing ceilings of ₦25 million for individuals and ₦250 million for corporate accounts, subject to enhanced due diligence.
Enterprise Fraud Monitoring: Banks are required to activate enterprise-wide monitoring for inflows and outflows to detect and restrict suspicious transactions.
Enhanced Authentication for Online Accounts: New online accounts and reactivations will undergo liveliness checks and validation against BVN/NIN databases, using MFA, biometric verification, soft/hard tokens, and other robust authentication methods.
Initial Transaction Limits for New Devices: For the first 24 hours of activation on a new device, inflow and outflow limits are capped at ₦20,000, ensuring additional safeguards against fraud.
Internet Banking MFA: First-time logins on new devices will require additional MFA verification.
The CBN emphasized that these measures represent the minimum standard requirements for instant payments in Nigeria, designed to protect customers, reduce fraud, and strengthen confidence in digital financial services.
The central bank also reaffirmed its commitment to promoting a safe, reliable, and resilient financial ecosystem while enabling innovation in mobile and instant payment services across the country.
ELIJAH ADEYEMI
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