CBN Cracks Down on Mobile Banking! Nigerians Can Now Use Bank Apps on Only ONE Device
The Central Bank of Nigeria has introduced a new regulation that will restrict mobile banking applications to only one device per customer at a time, a move aimed at strengthening security within Nigeria’s financial system.
The directive, announced on Friday in a circular to banks, financial institutions, and payment service providers, means customers will no longer be able to run the same banking app on multiple devices simultaneously.
The new rule applies to institutions operating Instant Payment (IP) services across Nigeria.
🔐 Mandatory Device Binding Introduced
According to the circular signed by Musa Jimoh, Director of Payments System Policy at the Central Bank of Nigeria, banks must now implement mandatory device binding.
This means:
Mobile banking apps can only function on one registered device at a time
If a user switches to another device, the app will automatically deactivate on the old device
The new device must go through fresh authentication and re-activation
The policy is part of broader efforts by the Central Bank of Nigeria to combat digital fraud and strengthen payment system security.
🔄 Customers Can Temporarily Disable Instant Transfers
Under the new guidelines, customers will also have the option to opt out of Instant Payment services temporarily.
However, the process will require Multi-Factor Authentication (MFA) for security.
When the opt-out option is activated:
Customers cannot perform instant online transfers
Transfers can only be done physically at the bank
By default, all new customers will automatically have the Instant Payment feature enabled when they open an account.
💰 Transaction Limits Remain in Place
The directive also confirmed that existing maximum transaction limits will remain:
₦25 million for individual customers
₦250 million for corporate accounts
Customers, however, will now have the option to set lower personal transaction limits if they wish.
🛡 Why the CBN Introduced the Policy
Financial experts believe the move is designed to reduce rising cases of mobile banking fraud, SIM swap attacks, and unauthorized access to financial apps.
By binding banking apps to a single device, regulators expect it will become much harder for fraudsters to access customer accounts remotely.
Banks and payment service providers are expected to implement the new system immediately.
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