CBN Restricts Mobile Banking Apps To One Device, Introduces New Instant Payment Rules
The Central Bank of Nigeria (CBN) has introduced new regulations governing instant payment services in the country, including a rule that limits mobile banking applications to a single device per customer.
The directive was announced in a circular issued on Friday by the bank’s Payments System Policy Department and signed by its Director, Musa Jimoh. The circular was addressed to banks and other stakeholders across Nigeria’s financial sector.
Under the new policy, customers will no longer be allowed to operate the same mobile banking application on multiple devices at the same time. Instead, each mobile banking app will be tied to only one device.
The apex bank explained that the measure is part of broader efforts to strengthen the security and efficiency of instant payment services in Nigeria’s banking system. The new guidelines are scheduled to take effect from July 1, 2026.
According to the circular, financial institutions that provide instant payment services must implement mandatory device binding, ensuring that mobile financial service applications can function on only one device at a time. If a customer switches devices, the application must undergo a fresh authentication and activation process.
The CBN also introduced a new option allowing customers to temporarily opt out of instant payment services. Customers who choose to disable the service will be unable to carry out online transfers, whether within the same bank or to another financial institution, during the selected period. However, such customers can still complete transactions by visiting their bank physically.
In addition, the regulator announced new provisions allowing customers to voluntarily adjust their transfer limits, provided the adjustments remain within existing maximum thresholds. Currently, the ceiling stands at ₦25 million for individual customers and ₦250 million for corporate entities. Any change to these limits will require enhanced due diligence and risk assessment by the financial institution, alongside customer verification through multi-factor authentication.
To combat financial fraud, the CBN has also directed banks to deploy enterprise-wide fraud monitoring systems capable of analysing both incoming and outgoing transactions. These systems are expected to help financial institutions detect suspicious activity and block potentially fraudulent transfers in real time.
The circular also introduced new identity verification procedures for digital account services. Accounts opened or reactivated online must undergo a “liveliness check,” while verification must be completed instantly using the national Bank Verification Number (BVN) and National Identification Number (NIN) databases.
Additional safeguards will apply when customers activate mobile banking apps on new devices. For the first 24 hours after activation, new accounts will face a maximum transaction limit of ₦20,000 for both incoming and outgoing transfers. The same ₦20,000 limit will apply to outgoing transactions for existing accounts when a mobile banking app is newly activated.
The regulator also stated that customers accessing internet banking on a new device for the first time will be required to complete additional multi-factor authentication checks.
The CBN described the measures as minimum compliance standards for all financial institutions offering instant payment services in Nigeria.
Earlier, the apex bank had also issued a separate directive requiring banks to impose stricter restrictions on customers who default on loan repayments as part of broader efforts to strengthen financial discipline within the banking system.
