The directive was contained in a circular issued on Friday to financial institutions across Nigeria.
According to the circular signed by Musa Jimoh, Director of the Payments System Policy Department, mobile financial service apps must now operate on only one device at a time.
“Mobile financial services applications shall only be enabled on one device at a time, and customers cannot operate the apps concurrently on multiple devices,” the central bank said.
The new rule means that customers who switch phones will need to reactivate their banking apps on the new device through an authentication process.
The regulator said the measure forms part of additional guidance for the operation of instant payments in Nigeria.
The CBN also introduced other safeguards designed to reduce fraud and strengthen identity verification.
Under the new framework, customers will have the option to temporarily opt out of instant payment services. During that period, online transfers will be disabled, although customers may still complete transactions by visiting their bank branches.
The regulator said any changes to transaction limits must be verified through multi-factor authentication. While individuals can send up to N25 million and companies up to N250 million under existing limits, customers may choose lower limits for added protection.
Financial institutions must also activate enterprise fraud monitoring systems to track suspicious transactions in real time.
For online account opening or reactivation, banks must now conduct real-time verification using the Bank Verification Number and National Identity Number databases.
Additional checks, including biometric verification, tokens and liveliness detection, will also be required when reactivating accounts online.
The central bank said new or recently activated mobile banking apps will face temporary limits during the first 24 hours of use. During that period, transfers will be capped at N20,000.
The same restriction will apply when customers log in from a new device for the first time.
According to the CBN, the measures represent the minimum standards for instant payment services in Nigeria.
The new rules will take effect from July 1, 2026.
Frequently Asked Questions
Why did the CBN restrict mobile banking apps to one device?
The policy aims to improve security and reduce fraud in Nigeria’s instant payment system by preventing the same banking app from running on multiple devices at the same time.
Can customers switch to another phone?
Yes. Customers can migrate their banking app to a new device, but the process will require reactivation and authentication by the bank.
What is the new transaction limit for newly activated apps?
Transfers from a newly activated mobile banking app will be limited to N20,000 during the first 24 hours.
When will the new CBN rules begin?
The central bank said the new security requirements for instant payments will take effect on July 1, 2026.
