No More Multiple Devices: CBN Introduces New Mobile Banking App Installation Requirement
- Central Bank of Nigeria limits mobile banking app usage to one device at a time for enhanced security
- New guidelines mandate multi-factor authentication for instant payment service activation and deactivation
- Implementation of stricter verification and fraud monitoring measures to begin in July 2026
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has introduced a new rule that will restrict the use of mobile banking applications to a single device at a time, as part of broader measures aimed at strengthening security within the country’s financial system.
Under the new directive, bank customers will no longer be able to operate the same mobile banking application simultaneously on multiple devices.
Source: Getty Images
The policy forms part of additional guidelines released by the apex bank for the operation of instant payments across Nigeria’s financial ecosystem.
The directive was disclosed in a circular issued to banks, financial institutions, and payment service providers (PSPs). The circular was signed by the CBN’s Director of the Payments System Policy Department, Musa Jimoh.
One device at a time for mobile banking
According to the new guidelines, financial institutions must ensure that mobile financial service applications are bound to only one device at any given time.
This means that once a customer activates a banking app on a device, the app cannot be used on another phone or tablet simultaneously.
If a customer decides to change devices, the migration process will trigger a fresh authentication and reactivation process to ensure that the new device is verified before access is granted.
The CBN said the move is designed to reduce fraud risks associated with unauthorised access and account takeover, particularly in Nigeria’s rapidly growing digital payments space.
New controls for instant payments
The circular also introduced additional security controls governing the use of instant payment services.
Customers will now have the option to temporarily opt out of instant payment services whenever they choose. However, activating or deactivating the feature will require multi-factor authentication (MFA) to verify the customer’s identity.
By default, instant payment services will remain active for customers once they open a new account.
When a customer opts out of the service, they will not be able to carry out online transfers—whether within the same bank or to other banks—until the feature is reactivated.
During such periods, customers will only be able to initiate transfers by visiting their bank branches physically.
Flexible transaction limits for customers
The CBN also introduced a voluntary transaction limit feature that allows customers to adjust their daily transfer limits.
While the current maximum limits remain ₦25 million for individuals and ₦250 million for corporate accounts, customers can choose to set lower limits based on their preferences.
However, any request to increase these limits will require enhanced due diligence and risk assessment by the financial institution. The new limit will only take effect after successful multi-factor authentication and customer consent.
Stronger fraud detection measures
Another key component of the new framework is the mandatory deployment of Enterprise Fraud Monitoring systems by financial institutions.
Banks will be required to monitor both incoming and outgoing transactions in real time to detect suspicious activities and block potentially fraudulent transfers before they are completed.
The CBN said this requirement is part of efforts to strengthen fraud prevention as digital payment volumes continue to rise across the country.
New rules for online account opening
The apex bank also introduced stricter verification requirements for online account opening and account reactivation.
Under the new rules, all accounts opened digitally must undergo “liveliness checks” to confirm that the user is physically present during the verification process.
In addition, the details provided must be validated in real time against the Bank Verification Number (BVN) and National Identification Number (NIN) databases.
Enhanced authentication tools such as biometric verification, soft tokens, hard tokens, and other multi-factor security measures will also be required for account reactivation.
Temporary transaction limits for newly activated apps
The CBN further stated that newly activated mobile banking apps will be subject to temporary transaction limits during the first 24 hours.
For both new and existing accounts, banks will impose an outgoing transaction cap of up to ₦20,000 within the first day of activation. Financial institutions may set lower limits depending on their internal risk management policies.
Similarly, customers accessing internet banking on a new device for the first time will be required to complete additional multi-factor authentication checks.
Implementation begins July 2026
According to the CBN, the new requirements represent the minimum security standards that financial institutions must adopt for instant payment services in Nigeria.
Source: Getty Images
The apex bank stated that full implementation of the new guidelines will take effect from July 1, 2026, giving banks and other financial service providers time to upgrade their systems and comply with the new rules.
CBN releases new rule for activating dormant account
Legit.ng earlier reported that the CBN has introduced a new rule that removes the requirement for customers to present affidavits when reactivating dormant bank accounts.
The move is designed to simplify the process of reclaiming inactive funds while maintaining strong safeguards against fraud.
The decision was announced in a circular sent to banks and other financial institutions across the country.
Source: Legit.ng
