CBN limits mobile banking apps to one device, introduces new Instant payment rules

The Central Bank of Nigeria, CBN, connected Friday announced sweeping caller measures for instant outgo operations, including a regularisation that limits mobile banking applications to a azygous instrumentality per customer.

The directive was contained successful a circular issued by the apex bank’s Payments System Policy Department and signed by its Director, Musa Jimoh, and addressed to banks and different fiscal assemblage stakeholders.

Under the caller policy, Nigerian slope customers volition nary longer beryllium capable to run the aforesaid mobile banking exertion connected aggregate devices astatine the aforesaid time.

According to the CBN, the argumentation forms portion of further guidelines aimed astatine strengthening the operations of instant payments successful the state and volition instrumentality effect from July 1, 2026.

“The Central Bank of Nigeria, successful enactment with its mandate of promoting fiscal strategy stability, hereby issues further guidance for the operations of Instant Payments successful Nigeria:

All Financial Institutions (FIs) offering Instant Payment (IP) shall supply the pursuing further functionalities: Mandatory instrumentality binding: Mobile fiscal services applications (apps) shall lone beryllium enabled connected 1 instrumentality astatine a time, and customers cannot run the apps concurrently connected aggregate devices.

“Migration to different instrumentality shall trigger automatic re-activation and authentication.

“Customers shall person the enactment to opt retired ...