The Central Bank of Nigeria has introduced a ₦20,000 transaction cap for customers using mobile banking applications on newly activated devices, as part of a fresh move to tackle rising digital fraud.
The directive, contained in a circular dated 12 March and signed by Musa Jimoh, Director of Payments System Policy, applies to banks, fintech firms, and mobile money operators across the country.
Under the new rule, customers will be restricted to a maximum of ₦20,000 in total transactions—both inflow and outflow—within the first 24 hours of activating a banking app on a new device.
“Migration to another device shall trigger automatic re-activation and authentication. For new accounts, transaction limits (inflow and outflow) shall be imposed on a newly activated mobile financial services app within the first 24 hours of activation. The limit shall be as determined by the financial institution, subject to a maximum transaction limit of ₦20,000.00.”
The apex bank also mandated that mobile banking apps must operate on only one device at a time, effectively preventing simultaneous use across multiple devices.
For existing accounts, the restriction applies to outgoing transactions within the same 24-hour window.
The policy forms part of broader reforms to strengthen Nigeria’s fast-growing digital payments space, which has seen increasing threats from fraud schemes such as SIM-swap attacks, social engineering, and authorised push payment scams.
To further tighten security, financial institutions are now required to deploy real-time fraud monitoring systems and to offer customers the option to disable instant transfers.
Customers will also be allowed to adjust their transaction limits—subject to regulatory thresholds of ₦25 million for individuals and ₦250 million for corporate accounts—after enhanced verification.
The CBN added that all digital account openings must include “liveliness checks” and real-time verification using BVN or NIN databases.
The new framework will take effect from 1 July 2026.
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