Abuja, Nigeria – Nigeria’s Central Bank (CBN) has introduced a rule limiting transactions on newly activated mobile banking applications to 20,000 naira (approximately $12) within the first 24 hours of activation. The directive applies to all banks, mobile money operators and other financial services providers in the country.
Okay News reports that the Central Bank of Nigeria issued the circular on March 12, 2025, signed by Musa Jimoh, Director of the Payments System Policy Department, and addressed to all financial institutions operating in Nigeria.
The rule covers both new and existing accounts. For new accounts, the 20,000 naira limit applies to money coming in and going out. For existing accounts, the cap applies only to outgoing transactions during the same 24-hour window on a newly activated device.
The Central Bank also stated that mobile banking applications can only be active on one device at a time. Switching to a new device will automatically trigger a re-activation and authentication process before any transactions can proceed.
Under the same framework, banks must introduce an option for customers to voluntarily disable or re-enable instant payment services at any time. A customer who opts out will be unable to carry out online transfers but can still visit a physical branch to conduct transactions.
The directive also requires all financial institutions to deploy real-time fraud monitoring systems capable of flagging suspicious transactions on both incoming and outgoing payments. Additionally, any account opened online must include a liveliness check to confirm the account holder is physically present, and must be verified against Nigeria’s Bank Verification Number or National Identification Number databases.
The new standards take effect from July 1, 2026. The Central Bank said the measures are intended to reduce fraud in Nigeria’s fast-growing digital payments sector, where threats including SIM-swap abuse and social engineering scams have placed increasing pressure on the financial system.
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