Central Bank of Nigeria has announced new sweeping measures for instant payment operations, including a restriction that limits mobile banking applications to a single device per customer.
The directive was contained in a circular issued by the CBN’s Payments System Policy Department and signed by its Director, Musa Jimoh, and addressed to banks and other financial sector stakeholders.
Under the new policy, Nigerian bank customers will no longer be able to operate the same mobile banking application on multiple devices at the same time.
CBN said the policy forms part of additional guidelines aimed at strengthening the operations of instant payments in the country and will take effect from July 1, 2026.
The statement read, “The Central Bank of Nigeria, in line with its mandate of promoting financial system stability, hereby issues additional guidance for the operations of Instant Payments in Nigeria:
“All Financial Institutions (FIs) offering Instant Payment (IP) shall provide the following additional functionalities: Mandatory device binding: Mobile financial services applications (apps) shall only be enabled on one device at a time, and customers cannot operate the apps concurrently on multiple devices.
“Migration to another device shall trigger automatic re-activation and authentication.
“Customers shall have the option to opt out of or opt in to IP service at any time and for any given period. This process shall be subject to Multi-Factor Authentication (MFA) control. The default setting shall be opt-in upon onboarding a new customer.
“In the opt-out mode, a customer shall not be able to carry out online instant transfer of funds (intra or inter) from his/her account to another customer.
“However, customers can physically visit the financial institution to effect a transfer during this period.
“Voluntary Transaction Limit: Subject to the existing maximum limits of N25 million for individuals and N250 million for corporates, customers shall have the option to adjust the limits as needed.
“Any such adjustment shall be subject to enhanced due diligence and appropriate risk assessment by the financial institution.
“The new transaction limit shall take effect immediately upon successful completion of multi-factor authentication (customer consent).
“Enterprise Fraud Monitoring functionality: All FIs shall implement and activate Enterprise Fraud Monitoring for both inflows and outflows to facilitate fraud detection and restriction of suspicious transactions.
“Liveliness Checks for online account opening/account reactivation: Accounts opened online shall be subjected to a liveliness check; all online account openings/online reactivations shall 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.) shall be adopted for online account reactivation.
“For new accounts, transaction limits (inflow and outflow) shall be imposed on a newly activated mobile financial services app in the first 24 hours of activation.
“The limit shall be as determined by the financial institution, subject to a maximum transaction limit of N20,000.00.
“For existing accounts, transaction limits (outflow) shall be imposed on a newly activated mobile financial services app in the first 24 hours of activation.
“The limit shall be as determined by the financial institution, subject to a maximum transaction limit of N20,000.00.
“For internet banking access, the first-time log-on on a new device shall require additional MFA. The above are the minimum standard requirements for instant payments in Nigeria.
“Implementation of the above provisions shall take effect from July 1, 2026.”
Earlier, CBN also issued another circular directing banks to impose restrictions on loan defaulters.
