For many Nigerians, mobile banking has become part of daily life and financial management.
However, activating a banking app on a new device will soon face strict limits.
The Central Bank of Nigeria announced that users can transact only ₦20,000 during first 24 hours.
Moreover, the circular, dated March 12, 2025, bears Musa Jimoh’s signature, Payments System Director.
Mobile Banking Limits
It applies to all banks and mobile money providers, including PalmPay, Opay, Moniepoint, and Paga.
CBN explained that this measure strengthens fraud prevention in Nigeria’s fast-growing digital payment sector.
Now, mobile apps operate only on a single device at a time, the bank clarified.
Additionally, switching devices triggers automatic re-activation, authentication, and new transaction limits for 24 hours.
Both new and existing accounts must follow the ₦20,000 cap during app activation on devices.
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User Control And Flexibility
Furthermore, users can voluntarily opt in or out of instant payment services whenever they wish.
If they opt out, they cannot make online instant transfers, but branch transactions remain available.
Also, users can increase transaction limits voluntarily, following regulatory thresholds and completing authentication procedures.
Banks must actively monitor all transactions in real time to detect suspicious activity across digital payments.
For online account openings, banks now perform liveliness checks and verify users against BVN or NIN databases.
The new measures will take effect from July 1, 2026 for all financial institutions offering instant payments.
Fraud Prevention Measures
Earlier this year, CBN warned that social engineering, SIM-swap attacks, and insider compromise threaten users.
Despite rapid digital transaction growth, banks and regulators have reduced fraud losses through coordinated industry measures.
Ultimately, CBN aims to protect users while supporting Nigeria’s expanding digital financial ecosystem and services.
Consequently, this initiative balances security, user control, and convenience, ensuring safer mobile banking nationwide.
