The Central Bank of Nigeria (CBN) has announced that mobile banking applications in Nigeria will now be restricted to a single device per user in a move aimed at strengthening the security of digital transactions.
Under the new rule, bank customers will no longer be able to use the same mobile banking app on multiple devices at the same time.
The directive was contained in a circular issued to banks, financial institutions and payment service providers outlining additional guidelines for the operation of instant payment services in the country.
The circular, signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department, stated that all financial institutions offering instant payment services must implement mandatory device binding. This means a mobile banking app can only be activated on one device at any given time.
If a customer decides to switch devices, the system will automatically require reactivation and authentication before the app can be used on the new device.
The apex bank also directed that customers should have the option to opt in or opt out of instant payment services whenever they choose, subject to multi-factor authentication. Customers who opt out will not be able to carry out online instant transfers but may still visit their banks physically to perform transactions.
In addition, the CBN introduced voluntary transaction limits. While the current maximum limits remain ₦25 million for individuals and ₦250 million for corporate accounts, customers may reduce their transaction limits if they wish, subject to enhanced due diligence by their banks.
The guidelines also require banks to implement enterprise-level fraud monitoring systems to detect and restrict suspicious transactions in real time.
For accounts opened or reactivated online, financial institutions must conduct liveliness checks and verify customer details using the Bank Verification Number (BVN) or National Identification Number (NIN) databases.
The regulator further stated that newly activated mobile banking apps will have a temporary transaction limit during the first 24 hours of activation. Both new and existing accounts will be subject to a maximum transaction limit of ₦20,000 within that period.
Similarly, customers accessing internet banking on a new device will be required to complete additional multi-factor authentication before they can log in.
According to the CBN, these measures represent the minimum security standards for instant payment services in Nigeria and are expected to take effect from July 1, 2026.
