The Central Bank of Nigeria (CBN) has released updated guidelines for mobile financial services, limiting the amount customers can transfer in the first 24 hours of activating a new banking app.
The measure is part of the central bank’s broader effort to enhance security and prevent fraud in instant payment operations.
“For new accounts, transaction limits (inflow and outflow) shall be imposed on a newly activated mobile financial services app in the first 24-hours of activation,” the circular said.
“The limit shall be as determined by the financial institution, subject to a maximum transaction limit of N20,000.00.”
For existing accounts that are migrated to a new device, similar limits apply for outflow transactions.
“For existing accounts, transaction limits (outflow) shall be imposed on a newly activated mobile financial services app in the first 24-hours of activation. The limit shall be as determined by the financial institution, subject to a maximum transaction limit of N20,000.00,” the circular stated.
The CBN also mandated enhanced authentication mechanisms for mobile financial services, including device binding and Multi-Factor Authentication (MFA).
“Mandatory device binding: Mobile financial services applications (apps) shall only be enabled on one device at a time, and customers cannot operate the apps concurrently on multiple devices,” the circular said.
These rules are designed to protect customers against unauthorized access and fraudulent transactions, while ensuring compliance with the minimum standard requirements for instant payments in Nigeria
