Last updated: 6 November 2026
Have you ever changed your phone and discovered that your banking app requires additional verification before you can transfer money? Or have you tried activating a banking application on a new device and wondered why your transactions were temporarily restricted?
These situations are becoming increasingly important for Nigerian bank customers.
The Central Bank of Nigeria (CBN) issued a circular on 12 March 2026 introducing additional security requirements for instant payment services. The requirements took effect on 1 July 2026 and apply to financial institutions offering instant payment services.
The changes affect how customers activate mobile banking applications, manage transfer limits and protect their accounts when moving to another device.
One important detail is the temporary transaction limit of up to ₦20,000 during the first 24 hours after a newly activated banking app is set up. This is not a permanent daily transfer limit for every bank customer.
In this guide, we explain the new CBN requirements, what they mean for existing customers, and what to do when your banking application asks for additional verification.
What Are the New CBN Mobile Banking Rules?
The new requirements are contained in a CBN circular titled Additional Functionalities for Instant Payment, dated 12 March 2026.
The circular introduces additional safeguards intended to strengthen digital payment security and give customers more control over their banking transactions.
The main changes include:
- Banking applications must be linked to only one device at a time.
- Moving a banking app to another phone triggers reactivation and authentication.
- Newly activated mobile banking apps are subject to temporary transaction limits during the first 24 hours.
- Financial institutions must provide customers with options to opt in or opt out of instant payment services.
- Customers must be able to adjust their transaction limits, subject to the bank’s verification and risk assessment.
- Banks must strengthen fraud monitoring and identity verification.
These requirements are not a new charge imposed on customers. They are security measures that financial institutions must implement.
1. New ₦20,000 Transaction Limit for the First 24 Hours
One of the most important changes concerns newly activated mobile banking applications.
Under the CBN circular, financial institutions must impose temporary transaction limits during the first 24 hours after a mobile banking application is newly activated.
For a new account, the limit applies to inflows and outflows. For an existing account, the requirement specifies an outflow limit.
The limit is determined by the financial institution but cannot exceed ₦20,000 during the specified first 24-hour period.
Does this mean every Nigerian can only transfer ₦20,000 daily?
No.
The ₦20,000 requirement is a temporary security limit associated with newly activated mobile banking applications. It is not a general daily transfer limit for all customers.
For example, if you have an existing bank account and activate its mobile banking app on a new phone, your bank may apply a temporary transfer restriction for the first 24 hours.
After that period, the bank’s normal transaction limits and applicable security controls may apply.
Your bank should be able to explain the specific limit attached to your account.
2. You Can Use Your Banking App on Only One Device at a Time
The CBN also introduced a mandatory device-binding requirement.
This means a mobile financial services application should only be enabled on one device at a time. Customers cannot use the same banking app concurrently on multiple devices.
For example, if your banking app is active on your old Android phone and you want to move it to a new phone, the bank must carry out the required reactivation and authentication process.
This is intended to make it harder for criminals to activate stolen banking credentials on another device without the customer’s knowledge.
What happens when you change your phone?
You may be required to:
- Download the bank’s official mobile application.
- Enter your registered login details.
- Complete the bank’s additional authentication process.
- Verify your identity using the available security method.
- Wait for any temporary transaction restriction to expire.
The exact process depends on your bank.
Do not give your password, OTP or banking PIN to anybody claiming they can activate your app for you.
3. Extra Verification When You Log In on a New Device
The CBN circular also requires additional multi-factor authentication for first-time internet banking logins on a new device.
Multi-factor authentication means using additional security checks to confirm that the person accessing the account is authorised.
Depending on the bank’s system, this may involve:
- A one-time password.
- A security token.
- Biometric verification.
- Another approved authentication method.
This additional verification is designed to protect customers when they access internet banking from a device the bank has not previously recognised.
If you receive an unexpected authentication request, do not approve it automatically. Contact your bank through its official customer service channel.
4. Customers Can Opt Out of Instant Transfers
Another important provision gives customers the option to opt out of instant payment services for a selected period.
Under the circular, financial institutions must provide customers with the ability to opt in or opt out of instant payment services.
The process must be protected by multi-factor authentication.
When a customer opts out, they cannot carry out online instant transfers from their account to another customer’s account during the selected period.
However, the circular says customers can still visit their financial institution physically to carry out a transfer.
This feature may be useful for someone who wants to temporarily disable instant transfers as an additional security measure.
Remember that opting out of instant transfers does not mean your account is closed or that you have lost access to your money.
5. You Can Adjust Your Transfer Limit
The CBN also requires financial institutions to allow customers to adjust their transaction limits, subject to enhanced due diligence and appropriate risk assessment.
The circular refers to existing maximum limits of:
- ₦25 million for individuals.
- ₦250 million for corporate customers.
These are regulatory maximums referenced in the circular, not automatic limits that every customer is entitled to use.
Your bank may apply a lower limit depending on its risk assessment, account type, customer verification and other applicable controls.
Any requested change must go through the bank’s required authentication process.
6. Banks Must Strengthen Fraud Monitoring
The new rules also require financial institutions to implement enterprise fraud monitoring for both incoming and outgoing transactions.
This means banks must strengthen their systems for identifying suspicious transaction patterns and responding to potential fraud.
The circular also requires additional identity checks for online account opening and account reactivation.
These include real-time validation against BVN and NIN databases and stronger authentication measures, such as biometric checks or security tokens where appropriate.
The objective is to make it more difficult for criminals to open or reactivate accounts using stolen identity information.
What Should You Do If Your Banking App Is Restricted?
If your banking application stops allowing transfers after you change phones, do not immediately assume that your account has been blocked.
The restriction may be related to device activation, additional authentication or the temporary security limit.
Here are practical steps to follow:
Step 1: Confirm that you are using the official application.
Download your bank’s app only through its official website or the verified Google Play Store or Apple App Store listing.
Step 2: Check your registered phone number.
Make sure you can access the phone number registered with your bank because it may be needed for verification.
Step 3: Complete the required authentication.
Follow the instructions displayed in the official banking application.
Step 4: Contact your bank if the restriction continues.
Ask whether the issue is related to device binding, a temporary transaction limit or another account security requirement.
Step 5: Protect your banking information.
Never share your OTP, PIN, password or card security details with another person.
Frequently Asked Questions
1. Is the ₦20,000 transfer limit applicable to every Nigerian bank customer?
No. The CBN circular specifies a temporary limit for newly activated mobile banking applications during the first 24 hours. It is not a universal daily limit for all customers.
2. What happens when I install my bank app on a new phone?
Your bank may require reactivation and additional authentication. The new device must go through the bank’s security process.
3. Can I use my banking app on two phones at the same time?
The CBN requirement says mobile financial services applications should only be enabled on one device at a time.
4. Can I transfer more than ₦20,000 after the first 24 hours?
The temporary first-24-hour restriction is not a permanent limit. After it expires, your bank’s normal transaction limits and security controls apply.
5. Can I disable instant transfers on my account?
The CBN circular requires financial institutions to provide an opt-in and opt-out option for instant payment services, subject to multi-factor authentication.
6. Does opting out of instant transfers close my bank account?
No. It disables online instant transfers during the selected period. The circular says customers can still visit their financial institution to make transfers physically.
7. Why does my bank request an OTP when I log in on a new phone?
The bank may be using multi-factor authentication to verify your identity and protect your account from unauthorised access.
8. Does the new rule apply to corporate accounts?
The circular is addressed to banks, other financial institutions and payment service providers offering instant payment services. It also references separate existing maximum transaction limits for individuals and corporate customers.
Final Advice for Nigerian Bank Customers
The CBN’s new instant-payment requirements are important for anyone who uses mobile banking in Nigeria.
If you are changing your phone, activating a banking application or adjusting your transfer limit, be prepared for additional security checks.
The ₦20,000 temporary limit should not be confused with a permanent restriction on every customer’s account. It applies to newly activated mobile banking apps during the first 24 hours, under the conditions stated in the CBN circular.
For account-specific questions, contact your bank directly through its official website, mobile application or verified customer service number.
Official source: CBN Circular, Additional Functionalities for Instant Payment, 12 March 2026: https://www.cbn.gov.ng/Out/2026/CCD/IP%20Circular.pdf
Disclaimer: This article is for general information and educational purposes. Naija Money Guide is not a bank and does not provide banking services. Individual banks may have additional security procedures and account-specific transaction limits. Confirm your circumstances with your financial institution.
