CBN restricts mobile banking app operation to one device
Central Bank of Nigeria Limits Mobile Banking App Usage to One Device
By Elizabeth Adegbesan
The Central Bank of Nigeria (CBN) has announced a new regulation that restricts the operation of mobile banking applications to a single device per customer. This directive was issued on Friday through a circular sent to banks, financial institutions, and payment service providers throughout the country.
According to the circular signed by Musa Jimoh, Director of the Payments System Policy Department, the decision is aimed at enhancing financial system stability. Under the new guidelines, customers will not be able to access the same banking app simultaneously on multiple devices.
Migration to a different device will necessitate an automatic reactivation and authentication process. Customers will have the option to opt in or out of instant payment services, subject to Multi-Factor Authentication (MFA). The default setting for new customers will be to opt in, while those who choose to opt out will be unable to perform online instant fund transfers, though they can still conduct transactions at physical bank locations.
In addition, the circular outlines a voluntary transaction limit that allows customers to adjust their existing maximum limits—set at N25 million for individuals and N250 million for corporates—subject to enhanced due diligence by their financial institutions.
Other measures include the implementation of Enterprise Fraud Monitoring to detect suspicious transactions and real-time validation checks for online account openings and reactivations using the Bank Verification Number (BVN) and National Identification Number (NIN) databases. Customers opening new accounts will face initial transaction limits of N20,000 for the first 24 hours of activation.
The regulations will also introduce additional MFA requirements for first-time logins on new devices.
These new standards for instant payments in Nigeria will take effect from July 1, 2026.
