The Central Bank of Nigeria (CBN) has introduced a new set of guidelines aimed at strengthening the safety of digital banking in Nigeria while giving customers more control over their financial transactions.

The updated rules affect mobile banking applications, instant transfers, account verification processes and transaction limits across the country’s financial system. According to the regulator, the measures are designed to improve consumer protection and reduce fraud as digital banking continues to grow rapidly.

The policy directive, issued on March 12, 2026, was signed by the Director of the Payment System Policy Department, Musa Jimoh. It outlines new compliance obligations for banks and other financial institutions operating in Nigeria.

Industry observers say the move could affect millions of Nigerians who rely on mobile banking apps, USSD codes and instant transfers to carry out everyday financial transactions.

Customers Can Now Adjust Transaction Limits

One of the most notable changes in the new policy is the introduction of flexible transaction limits for bank customers.

Under the updated rules, individuals and corporate account holders will be able to adjust their transaction limits voluntarily based on their banking needs. However, the changes must remain within the maximum thresholds already established by the regulator.

The CBN confirmed that the existing caps remain unchanged. Individual customers can transact up to ₦25 million, while corporate accounts are permitted a maximum transaction limit of ₦250 million.

Before approving any adjustment request, banks are required to conduct proper risk checks. Financial institutions must carry out due diligence and internal assessments to ensure the request does not expose the system to fraud or other financial crimes.

Experts believe this flexibility will allow customers to manage their transactions more effectively while maintaining adequate security safeguards.

New Rules Introduced for Instant Payments

The CBN’s updated framework also introduces new operational guidelines for instant payment services.

Banks must now allow customers to choose whether they want instant transfers activated or deactivated on their accounts. Customers will have the freedom to opt in or opt out of these services whenever they wish.

However, this option must be secured using multi-factor authentication (MFA) to ensure that criminals cannot manipulate the settings without proper verification.

Financial institutions are also required to automatically enable instant payment services for customers while still providing an easy option to deactivate the feature if needed.

Instant transfers have become one of the most widely used payment channels in Nigeria, handling billions of naira in transactions daily.

Tougher Identity Checks for Online Account Opening

To reduce cases of identity theft and fraudulent account creation, the apex bank has introduced stricter verification requirements for digital account opening.

Banks must now carry out liveness detection checks when customers open or reactivate accounts online. This process confirms that the person creating the account is physically present rather than using stolen or artificial identities.

Additionally, all accounts created through digital channels must undergo real-time validation against Nigeria’s identity databases, including the Bank Verification Number (BVN) and National Identification Number (NIN) systems.

Regulators believe these measures will help reduce identity-related fraud and strengthen trust in Nigeria’s digital banking system.

One Mobile Banking App Allowed per Device

Another key change in the new directive affects the use of mobile banking applications.

Under the new rules, banks are no longer allowed to permit access to the same banking profile across multiple devices at the same time. Each mobile banking account will now be restricted to one device only.

If a customer logs in from a new phone, the system will automatically trigger additional authentication procedures before access can be granted.

According to the CBN, this measure is intended to prevent hackers from gaining simultaneous access to banking apps across different devices.

Temporary Transaction Cap for Newly Activated Devices

The policy also introduces a temporary transaction restriction for newly activated mobile banking applications.

Once a banking app is activated on a new device, transactions will be limited to ₦20,000 within the first 24 hours.

Banks may choose to impose even lower limits depending on their internal risk management policies.

The CBN said the temporary cap will help prevent fraudsters from transferring large sums immediately after gaining unauthorised access to a customer’s banking profile.

CBN Tightens Oversight of Nigeria’s Digital Banking Space

With these new guidelines, the Central Bank of Nigeria appears to be strengthening oversight of the country’s fast-growing digital banking sector.

The changes are expected to balance convenience with improved security as more Nigerians adopt mobile banking, instant transfers and digital financial services.

The reforms come at a time when digital payments continue to expand rapidly across the country, making cybersecurity and fraud prevention more critical than ever.

Frequently Asked Questions (FAQs)

1. What are the new CBN rules for digital banking?

The Central Bank of Nigeria introduced new rules that include flexible transaction limits, stricter identity verification, device restrictions for mobile apps, and enhanced security for instant payments.

2. What is the maximum transaction limit for Nigerian bank customers?

The CBN maintained the existing limits of ₦25 million for individual customers and ₦250 million for corporate accounts.

3. Can customers disable instant transfers?

Yes. Under the new policy, customers can choose to opt out of instant payment services, but changes must be secured with multi-factor authentication.

4. Why did the CBN introduce the new banking rules?

The rules were introduced to reduce fraud, improve cybersecurity, and give bank customers greater control over their financial transactions.

5. What is the limit for a new banking app on a new phone?

Newly activated mobile banking apps will have a temporary transaction cap of ₦20,000 for the first 24 hours.