The Central Bank of Nigeria (CBN) has announced additional requirements for mobile financial services via mobile applications (apps). The new requirements include the restriction of operation of mobile banking apps to one device (meaning that customers cannot operate the apps concurrently on multiple devices), and the imposition of for new accounts transaction limits on a newly activated mobile financial services apps in the first 24-hours of activation.

The apex bank, which unveiled the new requirements in a circular to all banks, Other Financial Institutions, and Payment Service Providers (PSPs) posted on its website on Friday, said implementation of the new provisions will take effect from July 1, 2026.

The circular signed by the CBN’s Director of Payments System Policy Department, Musa Jimoh, partly read: “The Central CBN in line with its mandate of promoting financial system stability, hereby issues additional guidance for the operations of Instant Payments in Nigeria: “Additional requirements for mobile financial services via mobile applications (apps): Mandatory device binding: Mobile financial services applications (apps) shall only be enabled on one device at a time, and customers cannot operate the apps concurrently on multiple devices.

“Migration to another device shall trigger automatic re-activation and authentication. Customers shall have the option to opt out of the opt-in to IP service at any time and for any given period.

This process shall be subject to Multi-Factor Authentication (MFA) control. The default setting shall be Optin upon onboarding a new customer. “In the opt-out mode, a customer shall not be able to carry out online instant transfer of funds (intra or inter) from his/her account to another customer. “However, customers can physically visit the financial institution to effect a transfer during this period.

Voluntary Transaction Limit: Subject to the existing maximum limits of N25 million for individuals and N250 million for corporates, customers shall have the option to adjust the limits as needed. “Any such adjustment shall be subject to enhanced due diligence and appropriate risk assessment by the financial institution.

“The new transaction limit shall take effect immediately upon successful completion of multi-factor authentication (customer consent).