CBN to Restrict Mobile Banking Apps to One Device from July 2026
The Central Bank of Nigeria (CBN) has announced that mobile banking apps may only be used on one device at a time. Any switch to a new device will require automatic reactivation and multi-factor authentication. Customers can opt in or out of instant payments at any time. In opt-out mode, online instant transfers are disabled, though customers may visit their bank branch to make transfers. Banks must implement enterprise fraud monitoring and enhanced authentication measures, including liveliness checks and biometric verification. New or reactivated apps will face a ₦20,000 transaction limit during the first 24 hours. All provisions take effect from July 1, 2026.
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