By Segun Adeyanju
The Central Bank of Nigeria (CBN) has restricted the use of mobile banking applications to a single device per customer as part of new measures aimed at strengthening the security of digital financial transactions in the country.
The directive was contained in a circular issued to banks, financial institutions and payment service providers outlining additional guidelines for the operation of instant payments in Nigeria.
The circular, signed by the Director of the Payments System Policy Department at the apex bank, Musa Jimoh, stated that mobile financial service applications must be enabled on only one device at a time.
According to the new rule, customers will no longer be able to operate the same mobile banking The Rise of Mobile Bankingapp simultaneously on multiple devices. Any attempt to migrate to another device will automatically trigger a reactivation and authentication process.
The CBN explained that the measure forms part of efforts to promote financial system stability and reduce the risks associated with digital transactions.
Under the new guidelines, customers will also have the option to opt in or opt out of instant payment services at any time. However, such changes will require multi factor authentication to ensure account security.
The apex bank noted that customers who opt out of instant payment services will not be able to carry out online transfers to other accounts but can still visit their banks physically to conduct transactions.
The circular further stated that customers would be allowed to voluntarily adjust their transaction limits, provided such adjustments remain within the existing maximum limits of N25 million for individuals and N250 million for corporate accounts.
In addition, financial institutions are required to implement enterprise fraud monitoring systems to detect and restrict suspicious transactions involving inflows and outflows.
The new framework also mandates banks to conduct real time verification of online account openings and reactivations through the Bank Verification Number and National Identity Number databases, alongside enhanced authentication measures such as biometric verification and security tokens.
For newly activated mobile banking apps, a temporary transaction limit of up to N20,000 will be applied within the first 24 hours for both new and existing accounts.
The CBN said the new requirements represent the minimum operational standards for instant payment services in Nigeria and will take effect from July 1, 2026.
