The Central Bank of Nigeria has introduced a temporary N20,000 transaction limit for customers who activate their mobile banking apps on new devices.
The measure applies when a customer installs or signs into a banking app on a new phone or any other device. Under the rule, transfers made through the app will be capped at N20,000 within the first 24 hours of activation.
Normal transaction limits will return after the 24-hour period.
The apex bank said the move is aimed at improving the security of digital banking transactions and protecting customers from fraud linked to stolen phones, unauthorised access, and suspicious device changes.
As part of the new guideline, mobile banking apps will now be restricted to one device at a time. Once a customer activates the app on a new device, access on the previous device will be withdrawn automatically.
Banks have also been directed to give customers the option of temporarily disabling electronic transfers where there is suspicion of unauthorised activity. Customers who choose this option will still be able to carry out transactions at banking halls when necessary.
The new rule forms part of wider efforts by the CBN to strengthen the security of Nigeria’s digital banking system as mobile banking adoption continues to grow.
Customers have been advised not to worry if they encounter temporary transfer restrictions after setting up their banking apps on new devices, as the limit only applies for the first 24 hours.
The policy is expected to help curb fraud and strengthen public confidence in the country’s expanding digital financial services space.
