New CBN Rule: Your banking app can only work on one phone

The Central Bank of Nigeria (CBN) has announced that mobile banking apps in Nigeria will only be allowed to work on one device at a time.

This means that a bank customer cannot use the same mobile banking app on two different phones or devices at the same time.

The new rule was shared in a circular sent to banks, financial institutions, and payment service providers. It provides new guidelines for how instant payments should operate in Nigeria.

According to the circular signed by Musa Jimoh, Director of the Payments System Policy Department at the CBN, the rule is meant to improve security and stability in the financial system.

Key points of the new rules

1. One device only

Mobile banking apps will be linked to just one device.

If a customer wants to switch to another phone, the app must go through reactivation and authentication.

2. Option to turn off instant transfers

Customers can choose to opt out of instant payment services at any time.

If they opt out, they cannot send instant transfers online.

They would need to visit the bank physically to make transfers.

Turning the service on or off will require multi-factor authentication (MFA).

3. Transaction limits

Customers can set their own transaction limits, but they must stay within existing maximum limits:

₦25 million for individuals

₦250 million for companies

Any change to limits will require extra security checks and authentication.

4. Fraud monitoring

Banks must use Enterprise Fraud Monitoring systems to detect suspicious transactions both incoming and outgoing.

5. Extra checks for online accounts

Accounts opened online must pass liveliness checks and be verified with the BVN/NIN database.

Banks must use strong security methods such as:

biometrics

soft or hard tokens

multi-factor authentication

6. Limits for newly activated apps

When a mobile banking app is activated on a new device, transaction limits will apply for the first 24 hours.

The maximum allowed during this period is ₦20,000.

7. Internet banking security

When logging into internet banking from a new device for the first time, additional multi-factor authentication will be required.

When it starts

All banks and financial institutions must implement these rules by July 1, 2026.

If you want, I can also explain what this means for peoplhé3³