CBN mobile banking rules enforce one device per app, strengthen security, and introduce transaction limits for Nigerian bank customers
The Central Bank of Nigeria (CBN) has announced that mobile banking applications in Nigeria will now be allowed to operate on only one device at a time.
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The new directive, communicated via a circular to banks, financial institutions, and payment service providers, seeks to strengthen security and stability across the financial system.
Signed by Musa Jimoh, Director of the Payments System Policy Department at the CBN, the circular mandates that customers wishing to use a mobile banking app on a new device must complete reactivation and authentication procedures.
Under the new rules, customers may opt out of instant payment services at any time, although offline transfers will then require visiting a bank branch.
Transaction limits remain in place at ₦25 million for individuals and ₦250 million for companies, with any changes subject to additional security checks and multi-factor authentication.
The CBN also requires banks to implement Enterprise Fraud Monitoring systems to detect suspicious activity.
Online account openings will undergo liveliness checks and verification against the BVN/NIN database, while strong authentication methods—including biometrics, soft or hard tokens, and multi-factor authentication—are now compulsory.
Newly activated apps will face a ₦20,000 transaction cap during the first 24 hours, and logging into internet banking from a new device will trigger additional multi-factor authentication requirements.
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All banks and financial institutions are expected to fully implement the rules by July 1, 2026, in a bid to safeguard customer funds and improve confidence in digital banking services.
