CBN restricts mobile banking apps to one device, introduces new instant payment rules
The Central Bank of Nigeria (CBN) issued a circular effective July 1, 2026, restricting mobile banking applications to a single device per customer. This mandatory device binding requires customers to use only one device for their mobile financial services apps, with migration to another device triggering automatic re-authentication. Customers can opt in or out of instant payment (IP) services at any time, subject to Multi-Factor Authentication (MFA), with opt-out limiting transfers to physical branch visits. Voluntary transaction limits up to N25 million for individuals and N250 million for corporates are available, requiring enhanced due diligence. Enterprise fraud monitoring and real-time BVN/NIN validation for online accounts are mandated. New accounts face N20,000 daily transaction limits for 24 hours post-activation.