The Central Bank of Nigeria (CBN) has announced that mobile banking applications in Nigeria will now be restricted to a single device per customer at any given time.
Under the new directive, customers will no longer be able to use the same bank’s mobile app on multiple devices simultaneously.
The policy was disclosed in a circular sent to banks, other financial institutions, and payment service providers outlining additional guidelines for instant payment operations across the country.
The circular, signed by the CBN’s Director of Payments System Policy Department, Musa Jimoh, stated that financial institutions must implement mandatory device binding for mobile financial service applications. This means each banking app will only function on one registered device at a time.
According to the apex bank, customers who wish to switch to another device will be required to undergo a fresh authentication and reactivation process.
The CBN also said customers must have the option to opt in or opt out of instant payment services at any time, subject to multi-factor authentication. When a customer opts out, they will not be able to carry out online instant transfers but may still complete transactions by visiting their bank physically.
In addition, the regulator maintained that existing transaction limits remain at N25 million for individuals and N250 million for corporate accounts. However, customers may voluntarily reduce their limits if they choose, subject to enhanced due diligence by their banks.
The circular further directed all financial institutions to implement enterprise fraud monitoring systems to track both incoming and outgoing transactions and detect suspicious activities.
For accounts opened or reactivated online, banks must conduct liveliness checks and verify customer information in real time with the Bank Verification Number (BVN) and National Identification Number (NIN) databases.
Enhanced authentication measures such as biometric verification, tokens, and other multi-factor security processes will also be required.
The CBN added that newly activated mobile banking apps will have a temporary transaction cap of N20,000 for the first 24 hours after activation for both new and existing accounts.
The new regulations are expected to take effect from July 1, 2026.