The Central Bank of Nigeria has directed that mobile banking applications can now only be operated on a single device per customer, effectively preventing users from accessing the same banking app on multiple devices simultaneously.
The directive was outlined in a circular issued to all banks, financial institutions, and payment service providers (PSP) providing additional guidance for the operation of instant payments in Nigeria. The circular was signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department.
According to the circular, all financial institutions offering instant payment services must implement mandatory device binding, meaning a mobile banking app will only work on one device at a time. Migration to another device will trigger automatic reactivation and authentication, ensuring secure access.
Customers are allowed to opt in or opt out of the instant payment service at any time, with multi-factor authentication (MFA) required to validate the process. While opted out, customers cannot carry out online instant transfers but may still conduct transfers by visiting their bank physically.
The circular also allows customers to voluntarily adjust their transaction limits, within existing maximums of N25 million for individuals and N250 million for corporate accounts, subject to enhanced due diligence and risk assessment by the financial institution. Any ces take effect immediately after MFA verification.
Additionally, all financial institutions must implement enterprise fraud monitoring to detect and restrict suious transactions, as well as liveliness checks for online account openings or reactivation. Online accounts must be validated in real-time against the BVN/NIN database, and enhanced authentication mechanisms such as MFA, biometric verification, or soft and hard tokens must be adopted.
Newly activated mobile banking apps will be subject to transaction limits in the first 24 hours, capped at N20,000, for both new and existing accounts. First-time logins to internet banking on new devices will also require additional MFA.
The CBN confirmed that these measures represent the minimum standard requirements for instant payments in Nigeria and will take effect from July 1, 2026, as part of efforts to strengthen financial system ility and enhance customer protection.
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