The Central Bank of Nigeria (CBN) has introduced stringent new regulations for instant payment operations, including a rule that limits each customer to a single device for mobile banking applications. The comprehensive policy, aimed at strengthening financial system stability and reducing fraud, will take effect on July 1, 2026.
Issued in a circular from the CBN’s Payments System Policy Department, the directives mandate that financial institutions offering instant payments must implement “mandatory device binding.” This means a customer’s mobile banking app can only be active on one device at any time. Switching to a new device will require automatic re-authentication.
Additionally, the rules grant customers greater control over their transaction limits and instant payment service status. Customers can opt-in or opt-out of instant transfers at any time, a process secured by multi-factor authentication (MFA). In an opt-out status, online instant transfers are blocked, though in-bank branch transfers remain possible. Customers will also be able to adjust their own transaction limits within the CBN’s existing caps of N25 million for individuals and N250 million for corporates, subject to the financial institution’s risk assessment and MFA confirmation.
To combat fraud, all institutions must implement Enterprise Fraud Monitoring for both incoming and outgoing payments. Furthermore, new security protocols for account access are introduced. For accounts opened or reactivated online, a real-time “liveliness check” against the BVN/NIN database is now mandatory. Newly activated mobile apps—both for new and existing accounts—will face a temporary 24-hour transaction limit, capped at N20,000, imposed by the financial institution. First-time log-ins to internet banking from a new device will also require enhanced MFA.
The CBN stated these are minimum standards to secure the growing instant payment ecosystem. The measures follow an earlier circular targeting loan defaulters, indicating a broader regulatory push to enhance oversight and security across Nigeria’s financial sector. The 2026 implementation date provides institutions time to upgrade their systems and customer onboarding processes.
