CBN Restricts Mobile Banking Apps To One Device, New Rules Take Effect July 2026

The Central Bank of Nigeria (CBN) has announced that, starting July 1, 2026, mobile banking applications will be limited to a single device per customer.

Under the new rule, customers will no longer be able to use the same bank app on multiple devices simultaneously. The directive, communicated to banks, financial institutions, and payment service providers, forms part of updated guidelines for Instant Payments (IP) operations in Nigeria.

Musa Jimoh, Director of the CBN’s Payments System Policy Department, highlighted key provisions in the circular:

• Single-Device Access: Mobile banking apps must be bound to one device. Switching to a new device will require reactivation and authentication.
• Opt-In/Opt-Out for IP Services: Customers can choose to opt in or out of IP services at any time, with multi-factor authentication (MFA) required. Customers in opt-out mode will be unable to perform online instant transfers but can still conduct transactions by visiting a bank branch.
• Adjustable Transaction Limits: Users can set transaction limits within the existing caps of N25 million for individuals and N250 million for corporates, subject to due diligence and risk assessment. Limits take effect immediately after MFA verification.
• Fraud Monitoring: Banks are required to implement Enterprise Fraud Monitoring for both inflows and outflows to detect and restrict suspicious activity.
• Enhanced Authentication for Online Accounts: New and reactivated online accounts must undergo liveliness checks and real-time validation against BVN/NIN databases. Additional security measures, such as MFA, biometric authentication, and soft/hard tokens, are mandatory.
• Initial Transaction Limits for New Devices: For both new and existing accounts, apps activated on a new device will be capped at N20,000 in the first 24 hours.
• Internet Banking Security: First-time logins on new devices must pass additional MFA verification.

The CBN emphasized that these measures are minimum standards for Instant Payments in Nigeria, designed to strengthen security, curb fraud, and promote financial system stability.

All provisions will come into force from July 1, 2026.