The Central Bank of Nigeria (CBN) has announced that mobile banking applications will now be restricted to a single device per customer, effective from July 1, 2026
Under the new regulation, a customer will no longer be able to use the same bank mobile app on multiple devices simultaneously.
The directive was issued in a circular to all banks, financial institutions, and payment service providers, providing updated guidance for the operations of Instant Payments (IP) in Nigeria.
Signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department, the circular outlined several key requirements:
- Mandatory Device Binding: Mobile banking apps must be linked to one device only. Switching to a new device will require automatic reactivation and authentication.
- Opt-In/Opt-Out for Instant Payments: Customers can opt in or out of IP services at any time, with multi-factor authentication (MFA) required for the process. Those in opt-out mode will not be able to perform online instant fund transfers but can visit their bank to conduct transactions physically.
- Voluntary Transaction Limits: Customers may adjust transaction limits within existing maximums of N25 million for individuals and N250 million for corporates, subject to enhanced due diligence and risk assessment. Adjustments will take effect after successful MFA verification.
- Enterprise Fraud Monitoring: Financial institutions must activate systems to monitor and restrict suspicious inflows and outflows, strengthening fraud detection.
- Enhanced Authentication and Liveliness Checks: Online account openings and reactivations will require real-time validation against BVN/NIN databases and additional security measures such as MFA, biometrics, or soft/hard tokens.
- Initial Transaction Limits for New Devices: For both new and existing accounts, mobile apps activated on a new device will be subject to a maximum transaction limit of N20,000 for the first 24 hours.
- Internet Banking Security: First-time logins on a new device will require additional MFA authentication.
The CBN emphasized that these measures are the minimum standards for Instant Payments in Nigeria, aiming to enhance security, prevent fraud, and maintain financial system stability.
The guidelines will officially take effect on July 1, 2026.
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