The Central Bank of Nigeria (CBN) has introduced new measures to strengthen the country’s instant payment system, including a rule that limits mobile banking applications to a single device per customer.
The directive was outlined in a circular issued by the bank’s Payments System Policy Department and signed by its Director, Musa Jimoh. The notice was addressed to banks and other stakeholders in Nigeria’s financial sector.
Under the new guideline, customers will no longer be able to operate the same mobile banking application simultaneously on multiple devices. The CBN said the policy is part of broader efforts to enhance the security and efficiency of instant payment operations across the country.
According to the circular, all financial institutions providing instant payment services must implement a mandatory device-binding feature. This means mobile financial service applications can only be activated on one device at a time for each user.
The bank added that if a customer chooses to switch to another device, the application will require reactivation and authentication before it can be used again. The move is designed to reduce fraud risks and strengthen identity verification processes.
In addition, customers will be allowed to opt in or opt out of instant payment services whenever they choose. However, such changes must go through multi-factor authentication to ensure proper security controls.
The CBN also stated that instant payment services will be automatically enabled when a new customer signs up with a financial institution, although users can later modify their preferences.
The new guidelines are expected to take effect from July 1, 2026, as part of the central bank’s efforts to maintain stability and security within Nigeria’s rapidly growing digital payments ecosystem.
