CBN Rolls Out New Banking Rules: Imposes Fresh Limits, One-Device Mobile Apps, Instant Payments
- Central Bank of Nigeria introduces new rules to bolster digital banking security and consumer control
- Flexible transaction limits now available for individual and corporate customers within existing regulatory thresholds
- Stricter verification and device restrictions aim to reduce identity theft and improve online banking safety
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s banking sector is set for another round of regulatory changes as the Central Bank of Nigeria (CBN) rolls out new rules affecting transaction limits, mobile banking applications and instant payment services.
The new directives, contained in a policy circular issued on Thursday, March 12, 2026, and signed by Director of Payment System Policy Department, Musa Jimoh, outline new compliance requirements for banks while introducing additional security measures for customers.
Source: Twitter
The apex bank said the new framework is designed to strengthen fraud prevention, improve digital banking security and enhance consumer control over financial transactions.
The policy will affect millions of bank customers across the country who rely on mobile apps, instant transfers and USSD banking for daily financial activities.
Customers allowed to adjust transaction limits
One of the key highlights of the new directive is the introduction of flexible transaction limits for bank customers.
Under the new rule, individuals and corporate customers will be allowed to voluntarily adjust their transaction limits based on their needs. However, the adjustments must remain within the existing regulatory ceilings.
The apex bank maintained the current maximum transaction thresholds of N25 million for individual customers and N250 million for corporate accounts.
According to the circular, any request to change transaction limits will be subject to due diligence by financial institutions. Banks are required to conduct risk assessments before approving such adjustments to ensure compliance with anti-fraud and financial security protocols.
Industry experts say the move could give customers greater control over their banking activities while reducing the risk of large unauthorised transfers.
New controls for instant payments
The new policy also introduces changes to how instant payments operate within the Nigerian financial system.
The CBN directed banks to allow customers the freedom to opt in or opt out of instant payment services whenever they choose. This option, however, must be protected with multi-factor authentication (MFA) to prevent fraudulent access.
Under the guideline, banks are required to automatically enable the opt-in feature for customers while providing a clear pathway for those who wish to deactivate instant transfers.
Instant payments have become one of the fastest-growing segments in Nigeria’s financial ecosystem, processing billions of naira in transfers daily.
Stricter verification for online account opening
To curb identity theft and fraudulent account creation, the apex bank also mandated stricter verification procedures for digital account opening.
Banks must now conduct liveness checks during online account creation and account reactivation processes. The measure ensures that the person opening the account is physically present and not using stolen or synthetic identities.
In addition, all new accounts opened through digital channels must be validated in real time against the Bank Verification Number (BVN) and National Identification Number (NIN) databases.
Regulators believe the step will significantly reduce identity-related fraud in the banking system.
One mobile banking app per device
Another major change introduced by the CBN is a restriction on mobile banking applications.
Under the new rule, banks are no longer allowed to permit the use of a single banking profile across multiple devices simultaneously. Instead, mobile banking apps will be restricted to one device at a time.
If a customer switches to another phone, the system will automatically trigger a fresh authentication process before access can be granted.
The regulator said the restriction is aimed at reducing account compromise and improving the security of mobile financial services.
Temporary transaction cap on newly activated devices
The circular also introduces temporary transaction limits for newly activated mobile banking applications.
For both new and existing accounts, a newly activated banking app will be subject to a maximum transaction limit of N20,000 within the first 24 hours of activation.
Banks are permitted to set lower limits if necessary based on their internal risk management policies.
According to the CBN, the temporary cap is designed to prevent fraudsters from quickly transferring large sums immediately after gaining access to a banking app.
Source: Twitter
With the new rules, the apex bank appears to be tightening oversight of Nigeria’s rapidly expanding digital banking ecosystem while balancing convenience and security for millions of customers.
CBN announces new reserves growth amid naira gain
Legit.ng earlier reported that Nigeria’s gross external reserves have climbed above the $50 billion mark, the highest level recorded in more than 13 years, according to the Central Bank of Nigeria (CBN).
CBN Governor Olayemi Cardoso announced the milestone on Thursday, March 12, 2026, during the Distinguished Alumni Lecture at St. Gregory’s College in Lagos as part of activities marking the school’s Founders’ Day celebration.
The development comes amid a period of improved currency stability, with the naira showing signs of recovery across segments of the foreign exchange market.
Source: Legit.ng
